XRP faced a 3% drop in the last 24 hours, emerging as the top loser among major cryptocurrencies. This decline came as bitcoin (BTC) kicked off the holiday week in negative territory, and Japanese bitcoin investor Metaplanet (3350) revealed its largest purchase to date.
Metaplanet, a Tokyo-listed company, announced the acquisition of a record-breaking 619.70 BTC for 9.5 billion yen ($61 million). This move significantly boosted the company’s BTC holdings by 54%, marking a substantial increase in their cryptocurrency portfolio.
Despite the overall downward trend in the market, with BTC down by 1.5% over 24 hours, other major tokens such as ether (ETH), Cardano’s ADA, Solana’s SOL, and dogecoin (DOGE) also experienced losses of up to 2%. On the flip side, Chainlink’s LINK and Tron’s TRX saw gains, while the CoinDesk 20 (CD20) index dropped by 1.39%.
Metaplanet has now amassed a total of 1,762 BTC for 20.87 billion yen ($133.2 million), with an average purchase price of 11.85 million yen. The company reported a significant BTC yield of 309.82% between October 1 and December 23, a substantial increase from the 41.7% yield reported between July 1 and September 30.
Innovative funding methods have played a crucial role in Metaplanet’s bitcoin acquisition strategy. The company recently issued a $5.0 billion yen 5th Series of Ordinary Bonds to EVO FUND, a zero-coupon bond maturing on June 16, 2025, with early redemption options linked to the 12th series stock acquisition rights.
With a total of 19 separate bitcoin purchases made through capital market activities and operating income, Metaplanet has seen a staggering 2,100% surge in its share price this year. The company now stands as the 15th-largest publicly traded bitcoin holder.
As the holiday season approaches, market analysts are adopting a cautious stance with a short-term bearish outlook. Alex Kuptsikevich, FxPro’s chief market analyst, emphasized the market’s reaction to the Federal Reserve’s recent policy adjustments and the profit-taking behavior following a strong year.
While BTC is currently trading around $95.5K, Kuptsikevich pointed out that the market is hovering near the 50-day moving average, suggesting a potential correction. He warned that further declines in the stock market could trigger institutional selling, leading to a deeper pullback. However, he noted that the $90,000 level could attract buyers looking to halt the sell-off and stabilize the market.