Metaplanet Makes Historic 620 Bitcoin Purchase as XRP Leads Market Sell-Off

Despite Tokyo-listed Metaplanet (3350) announcing its largest-ever Bitcoin acquisition, market sentiment remained bearish, with Bitcoin (BTC) logging its first seven-day losing streak since early November.

The company disclosed it had purchased 619.70 BTC for 9.5 billion yen ($61 million), increasing its total Bitcoin reserves by 54%. However, the significant buy failed to lift Bitcoin’s price, which remains 1.5% lower over the past 24 hours, according to CoinGecko. Leading altcoins, including Ether (ETH), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE), also experienced losses of up to 2%. Meanwhile, Chainlink (LINK) and Tron (TRX) managed minor gains, while the CoinDesk 20 (CD20) Index fell by 1.39%.

With this latest purchase, Metaplanet now holds 1,762 BTC, acquired at a total cost of 20.87 billion yen ($133.2 million), with an average purchase price of 11.85 million yen per BTC. The company reported a BTC yield of 309.82% between October 1 and December 23, a sharp rise from the 41.7% yield recorded between July 1 and September 30.

Since adopting its Bitcoin accumulation strategy in April, Metaplanet has leveraged creative financing mechanisms. On December 20, the company issued a 5th Series of Ordinary Bonds to EVO FUND, valued at 5.0 billion yen. These zero-coupon bonds, maturing on June 16, 2025, allow for early redemption tied to stock acquisition rights.

In total, Metaplanet has executed 19 separate Bitcoin purchases funded through capital market activities and operating income. Its stock price has skyrocketed by 2,100% this year, securing its position as the 15th-largest publicly traded Bitcoin holder globally.

Analysts Warn of Continued Market Volatility

Heading into the holiday season, analysts remain cautious, expecting further short-term downside for Bitcoin and other digital assets.

“Investors are still processing the Federal Reserve’s hawkish stance, and many are locking in profits after a strong year,” said Alex Kuptsikevich, Chief Market Analyst at FxPro, in an email to CoinDesk.

Kuptsikevich highlighted that Bitcoin is currently trading around $95,500, finding temporary support near the 50-day moving average. While the pullback was anticipated, he stressed it’s still “too early to confirm the end of this correction.”

He warned that further weakness in traditional markets could spark deeper sell-offs in Bitcoin and Ethereum, with institutional investors potentially accelerating the downturn. Additionally, low liquidity during the holiday season could amplify price swings, possibly driving Bitcoin down toward the $70,000 range. However, he identified the $90,000 level as a key point where buying interest may re-emerge, potentially halting the current decline.