Metaplanet's Bitcoin Buying Slows Amid Bear Market Uncertainty
Metaplanet's Bitcoin buying machine has slowed down significantly in recent months. The Tokyo-listed company disclosed that it spent $222 million on 2,823 BTC in the second quarter, bringing its treasury to 43,000 BTC. This purchase lifts Metaplanet to just behind Twenty One Capital among the largest corporate holders.
The company still targets 100,000 BTC by year-end, a goal requiring roughly 57,000 more coins in six months. Metaplanet paid an average of $78,608 per coin for its second-quarter Bitcoin purchases, well below its overall cost basis of $94,792 per BTC.
Metaplanet's director of Bitcoin strategy, Dylan LeClair, argued that current conditions resemble the bottoms of earlier bear markets. He pointed to the large share of supply held by long-term investors and stated, 'This is what the bottom looks like.'