Japanese company Metaplanet announced the acquisition of 4,279 bitcoins in the fourth quarter.
According to CEO Simon Gerovich, the company spent $451.06 million on the purchase, meaning the average price per coin was $105,412.
At the current price of the flagship cryptocurrency, Metaplanet's acquisition is valued at approximately $374 million, 17% less than the amount spent. The company's Bitcoin reserves are currently valued at $3.06 billion.
The decline in the price of Bitcoin and other major cryptocurrencies has led to a broader sell-off in crypto issuers, including Metaplanet. On Monday, the Japanese company's shares fell 4.26% on the US over-the-counter market, closing at $2.70.
The current price is significantly lower than the yearly high reached in May, when it exceeded $15. The company's shares, listed on the Tokyo Stock Exchange, fell 7.95%, closing at 405 yen on Tuesday.
In October, Metaplanet announced a $500 million loan to finance a share buyback program aimed at boosting the value of its shares, which were trading at a discount to the price of Bitcoin. Using the same loan, the company financed several Bitcoin purchases. The company also raised capital by issuing new shares to overseas investors.
Metaplanet's mNAV, the company's value relative to the value of its treasury BTC, is 1.02. This means the company trades at a slight premium to its BTC holdings.