Metaplanet Adds 620 Bitcoin to Holdings as XRP Sparks Market Slide

Metaplanet Acquires Record 620 Bitcoin Amid Broader Market Downturn Led by XRP

Bitcoin (BTC) kicked off the holiday week under pressure, marking its first seven-day losing streak since early November, despite Metaplanet (3350)—a Tokyo-listed firm—announcing its largest-ever Bitcoin acquisition.

The company revealed it had purchased 619.70 BTC for approximately 9.5 billion yen ($61 million), boosting its total Bitcoin holdings by 54%. However, this bold move did little to improve market sentiment. According to CoinGecko, Bitcoin is down 1.5% over the past 24 hours, while major altcoins like Ether (ETH), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE) slipped by up to 2%. On the other hand, Chainlink (LINK) and Tron (TRX) managed to buck the trend with slight gains, while the CoinDesk 20 (CD20) Index fell 1.39%.

With this latest acquisition, Metaplanet’s Bitcoin reserves now total 1,762 BTC, accumulated at an average purchase price of 11.85 million yen per BTC, with a total investment of 20.87 billion yen ($133.2 million). The company reported a BTC yield of 309.82% for the period between October 1 and December 23, significantly outperforming the 41.7% yield recorded between July 1 and September 30.

Since launching its Bitcoin investment strategy in April, Metaplanet has explored innovative financing approaches. On December 20, the company issued a 5th Series of Ordinary Bonds to EVO FUND, valued at 5.0 billion yen, structured as zero-coupon bonds maturing on June 16, 2025, with an option for early redemption linked to stock acquisition rights.

To date, Metaplanet has executed 19 Bitcoin purchases, leveraging both operating income and capital market strategies. The company’s stock has surged by 2,100% this year, placing it among the 15 largest publicly traded Bitcoin holders globally.

Market Outlook Remains Cautious

Despite Metaplanet’s bold investment, market analysts remain cautious heading into the holiday season, anticipating continued short-term pressure.

“Markets are grappling with the Federal Reserve’s hawkish stance, compounded by profit-taking following a strong year,” said Alex Kuptsikevich, Chief Market Analyst at FxPro, in a statement to CoinDesk.

Kuptsikevich pointed out that Bitcoin is hovering near $95,500, holding support around the 50-day moving average. While the current decline aligns with expectations, he cautioned against declaring an end to the correction.

**“Further weakness in equity markets could spill over into Bitcoin and Ethereum, triggering a more substantial pullback. Additionally, thin holiday liquidity might exaggerate price swings, potentially pushing Bitcoin into the $70,000 range,” he said. However, Kuptsikevich noted that the $90,000 level could act as a critical zone for buyers to step in and stabilize the market.