Metaplanet Amasses 10,000 Bitcoin, Surpasses Coinbase
By: Eva Baxter
Japanese investment firm Metaplanet has made a significant stride in the crypto space by becoming one of the leading publicly traded companies in Bitcoin holdings. This development comes in the wake of its recent acquisition of 1,112 BTC, elevating its total Bitcoin treasury to a remarkable 10,000 BTC. With this figure, Metaplanet has now outpaced Coinbase, the renowned cryptocurrency exchange, which holds a lesser amount of 9,267 BTC.
The company's stock saw a substantial increase of over 20% following the announcement of its latest crypto purchase and an additional plan to raise $210 million through a bond issuance. This ambitious move is part of Metaplanet's strategy to further its investment in the leading cryptocurrency. The acquisition was conducted at a cost of 16.88 billion Japanese yen, which translates to $117 million USD, as per the current financial reports.
Metaplanet's journey towards building a massive Bitcoin reserve does not stop here. The firm has set an ambitious goal of amassing a total of 210,000 BTC by the year 2027. This gigantic holding would represent approximately 1% of the total Bitcoin supply, firmly positioning Metaplanet among the elite organizations with the most significant stakes in the cryptocurrency realm. The average acquisition price of its current holdings stands at 13.9 million Japanese yen, or around $96,400 per BTC, indicating a strong and strategic position in the market.
This milestone not only highlights Metaplanet's confidence in the future of Bitcoin but also underscores the growing trend among institutional investors towards diversifying portfolios with digital assets. Such strategic investments reflect the evolving landscape where cryptocurrency is increasingly integrated into mainstream financial models, bolstering its legitimacy in the global economy. As Metaplanet continues its venture in this progressive direction, the broader implications on market dynamics and cryptocurrency adoption remain of interest to investors and market analysts alike.
