Bitcoin treasury firm Metaplanet has just delivered its strongest quarter ever, with revenue rising by 41% compared to the previous quarter.
The former stood at a loss of ¥6.9 billion in Q1, but flipped to a profit of ¥17.4 billion ($117.8 million) in Q2. Similarly, the latter went from -¥5.0 million to +¥11.1 billion ($75.1 million). The firm’s net assets also surged to ¥201.0 billion ($1.36 billion), corresponding to a quarter-over-quarter increase of a whopping 299%. “This is the strongest quarter in Metaplanet’s history,” commented Simon Gerovich, the company’s president.
In the past quarter, the strategy has seemingly worked out for Metaplanet, with its record-breaking quarter being backed by the appreciation of its BTC reserves and continued accumulation efforts.
Following this purchase, Metaplanet’s Bitcoin reserve has grown to 18,113 BTC, with a cost basis of $1.85 billion. At the current exchange rate, these holdings are worth $2.18 billion, putting the firm into a profit of 17.8%.
What’s different this time, however, is the fact that the selloff has been more gradual than previous cycles. Only time will, though, whether this is an indication that the current cycle is going to be different or if this fact will have no effect on its length.
At the time of writing, Bitcoin is floating around $120,200, up more than 5% over the last seven days.
