Metaplanet Scoops Up 620 Bitcoin in Historic Purchase as XRP Drives Market Downturn

Metaplanet Acquires Record 620 Bitcoin Amid XRP-Led Market Downturn

Despite Tokyo-listed Metaplanet (3350) announcing its largest Bitcoin purchase to date, market sentiment for Bitcoin (BTC) remained subdued, with the cryptocurrency recording its first seven-day losing streak since early November.

Metaplanet revealed it had acquired 619.70 BTC for approximately 9.5 billion yen ($61 million), boosting its overall Bitcoin holdings by 54%. However, this record acquisition failed to reverse the market’s downward momentum. According to CoinGecko, BTC remains 1.5% lower over the past 24 hours, while major tokens like Ether (ETH), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE) also posted losses of up to 2%. In contrast, Chainlink (LINK) and Tron (TRX) managed slight gains, while the CoinDesk 20 (CD20) Index fell by 1.39%.

With this latest purchase, Metaplanet now holds a total of 1,762 BTC, acquired for an aggregate cost of 20.87 billion yen ($133.2 million), averaging 11.85 million yen per BTC. The company reported a BTC yield of 309.82% between October 1 and December 23, significantly up from the 41.7% yield posted between July 1 and September 30.

Since launching its Bitcoin acquisition strategy in April, Metaplanet has employed innovative financial tools to fund its purchases. On December 20, it issued its 5th Series of Ordinary Bonds to EVO FUND, worth 5.0 billion yen. These zero-coupon bonds, set to mature on June 16, 2025, also allow for early redemption tied to stock acquisition rights.

To date, the company has executed 19 separate Bitcoin purchases, financed through a mix of capital market activities and operating income. Metaplanet’s stock has soared by an astonishing 2,100% this year, positioning it as the 15th-largest publicly traded Bitcoin holder globally.

Market Analysts Remain Cautious

As the holiday season sets in, market analysts remain cautious, predicting continued short-term bearish momentum.

“The market is still digesting the Federal Reserve’s cautious stance, combined with year-end profit-taking pressures,” said Alex Kuptsikevich, Chief Market Analyst at FxPro, in an email to CoinDesk.

Kuptsikevich noted that Bitcoin is currently trading around $95,500, finding temporary support near the 50-day moving average. While the recent correction was anticipated, he warned it’s still “premature to call a market bottom.”

Should stock markets face further declines, institutional investors could trigger a deeper sell-off in both Bitcoin and Ethereum. Additionally, low liquidity during the holiday period could amplify market volatility, potentially driving BTC prices toward the $70,000 range. However, Kuptsikevich identified the $90,000 level as a key psychological and technical zone where buyers may step in to halt the sell-off.