Metaplanet Doubles Down on Bitcoin as Shares Slide, Buys Another $54M

Metaplanet (3350), a Tokyo-listed investment firm, said it bought another 463 bitcoin

, emphasizing the cryptocurrency's long-term shareholder value even as its stock fell more than 7% to sit at half the value it held in June.

The latest purchase cost the company 7.995 billion yen ($540 million) at an average price of 17.3 million yen per bitcoin and takes total holdings to 17,595 $BTC. In all, Metaplanet has paid some 261.28 billion yen for its stash.

The purchase comes amid a slump in Metaplanet’s share price, which slid to 987 yen on Monday, almost 50% below its June peak. With its value reflecting both the changing price of bitcoin and the increase in its $BTC holdings, Metaplanet is positioning itself as Asia’s closest proxy to a bitcoin exchange-traded fund.

The company reported $BTC Yield, which gauges bitcoin accumulation per share, of 309.8% for fourth-quarter 2024 and 129.4% for the second quarter. The yield has slowed to 52.6% as of Aug. 4.