Metaplanet's Slowing Bitcoin Buying Pace Raises Questions About Future Accumulation
Metaplanet's Bitcoin buying machine has slowed down significantly in recent months. The Tokyo-listed company spent $222 million on 2,823 BTC in the second quarter, bringing its treasury to 43,000 BTC. This is a notable decrease from previous quarters, with Metaplanet adding 17,473 BTC in Q3 of last year and 4,279 BTC in Q4.
The company's average cost basis for the latest purchases was $78,608 per coin, which is well below its overall cost basis. This suggests that Metaplanet is taking advantage of low Bitcoin prices to accumulate more coins. Its entire stack has cost 659.2 billion yen, about $4.07 billion, since buying began.
Metaplanet still targets 100,000 BTC by year-end, a goal requiring roughly 57,000 more coins in six months. The company's director of Bitcoin strategy, Dylan LeClair, argued last week that current conditions resemble the bottoms of earlier bear markets, pointing to the large share of supply held by long-term investors.