Tokyo-listed investment firm Metaplanet has purchased an additional 4,279 BTC in the fourth quarter, spending roughly $451 million at an average price of $105,412 per bitcoin, the company said in a post on X. This brings its total holdings to 35,102 BTC, making it the fourth-largest corporate bitcoin treasury. Metaplanet aims to reach 210,000 BTC by the end of 2027.
Since beginning its bitcoin accumulation strategy, the firm has spent approximately $3.78 billion at an average price of $107,607 per coin. Its shares have risen 8% this year to close at 405 yen ($2.60), though they remain about 80% below their all-time high in June.
Metaplanet has also developed a derivatives-based income generation unit designed to produce recurring revenue while supporting its long-term bitcoin holdings. The company expects this unit to generate around $55 million in revenue for 2024.
The firm’s multiple to net asset value (mNAV) — calculated as enterprise value plus debt divided by bitcoin net asset value — currently sits just above 1, reflecting its market valuation relative to its bitcoin reserves.
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