Metaplanet makes Big Bitcoin move, acquires fresh 620 BTC  

The Tokyo-based company joins the growing list of firms acquiring Bitcoin on a large scale and holding strategic reserves of the leading crypto asset.

Metaplanet revealed the fresh development in a financial statement shared via its official X handle highlighting details of the acquisition and how many BTC the firm holds.

The financial statement revealed that Metaplanet’s total BTC holdings now sit at 1,761 Bitcoin bought at an average price of $75,628 per bitcoin. The Japanese company has spent 20.872 billion yen in total bitcoin acquisitions.

The latest purchase by the Tokyo-based firm is its largest Bitcoin haul and it follows the issuance of the 5th series of ordinary bonds via private placement with EVO FUND , raising $32 million.

The firm set aside the proceeds from the issuance for purchasing Bitcoin. These bonds are set to mature in June 2025 and carry no interest. They also allow for early redemption under specific conditions.

Metaplanet’s acquisition comes as Bitcoin dips in price level dropping from above $100,000 to $95,000 at the time of the report. The Japanese firm took advantage of the dip to stock up its Bitcoin holding going against the current trend of firms buying Bitcoin even when the price is on the high side.

Despite the drawback in Bitcoin price, On-chain metrics still reveal that the asset is still undervalued based on its Market value to realized value score which stands at 2.84.