Metaplanet Makes Record Bitcoin Purchase as XRP Leads Market Decline
Bitcoin (BTC) kicked off the festive week in negative territory, marking its first seven-day losing streak since early November, despite Tokyo-listed Metaplanet (3350) announcing its largest-ever Bitcoin purchase.
Metaplanet revealed it had acquired a record 619.70 BTC for 9.5 billion yen ($61 million), increasing its total Bitcoin holdings by 54%. However, the purchase did little to lift market sentiment, with BTC remaining 1.5% lower over the past 24 hours, according to CoinGecko. Major altcoins, including Ether (ETH), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE), also posted losses of up to 2%, while Chainlink (LINK) and Tron (TRX) saw slight gains. The CoinDesk 20 (CD20) Index dipped by 1.39%.
Metaplanet now holds a total of 1,762 BTC acquired for 20.87 billion yen ($133.2 million), with an average purchase price of 11.85 million yen per Bitcoin. The company reported a BTC yield of 309.82% between October 1 and December 23, up from 41.7% recorded between July 1 and September 30.
Since initiating its Bitcoin accumulation strategy in April, Metaplanet has explored innovative funding mechanisms. On December 20, the company issued its 5th Series of Ordinary Bonds to EVO FUND, valued at 5.0 billion yen, with a zero-coupon structure maturing on June 16, 2025, allowing early redemption linked to the 12th series stock acquisition rights.
The company has made 19 separate Bitcoin purchases funded through capital market activities and operational revenue. Metaplanet’s stock has surged by an impressive 2,100% this year, cementing its position as the 15th-largest publicly traded Bitcoin holder globally.
Market Sentiment Remains Cautious
Market participants remain wary as the holiday period approaches, with a generally bearish short-term outlook dominating sentiment.
“Markets are still processing the Federal Reserve’s hawkish stance, and profit-taking after a strong year has intensified downward pressure,” said Alex Kuptsikevich, Chief Market Analyst at FxPro, in an email to CoinDesk.
Kuptsikevich noted that Bitcoin is currently hovering around $95,500, finding support near the 50-day moving average. While the current decline was anticipated, he cautioned that it’s “too early to call an end to the correction.”
Further stock market declines could exacerbate Bitcoin and Ethereum’s pullback, with institutional investors potentially driving a deeper sell-off. Kuptsikevich also warned that reduced holiday liquidity might magnify price swings, potentially pushing BTC toward the $70,000 range. However, he highlighted the $90,000 level as a key area where buyers might step in to stabilize the market.
