Bitrabo Editorial
On October 10, 2024, Metaplanet, a Japanese investment firm, added 108 Bitcoin (BTC) to its holdings, totaling over 748 BTC.
Metaplanet Aims for 1,000 Bitcoin
During its third acquisition in October, Metaplanet purchased 108 BTC at an average price of $61,659. This brings its total holdings to 748.502 BTC, now worth over $46.5 million based on current market evaluations.
Earlier this month, the firm bought 107 BTC on October 1 for about $7 million, followed by another batch of 108 BTC for $6.7 million on October 7. Additionally, Metaplanet gained 23.9 BTC through the sale of put options on October 3.
Currently, Metaplanet’s average purchase price for BTC is approximately $62,500, which is above the current market price of $61,356. If the company were to sell its Bitcoin holdings today, it could incur a loss near $1,200 for each BTC.
Despite the potential losses, Metaplanet does not plan to sell any Bitcoin soon, as CEO Simon Gerovich has stated the intention to reach at least 1,000 BTC.
Following this recent purchase, Metaplanet now ranks 17th among publicly traded companies holding Bitcoin, trailing behind Meitu in Asia, which possesses 940 BTC.
If the firm continues with its purchasing strategy, it could soon surpass Meitu, becoming the largest publicly traded company in Asia in terms of Bitcoin assets.
Notably, the recent acquisition barely influenced Metaplanet’s stock price, which increased by a slight 0.53% to close at 955 Yen (approximately $6.41). Year-to-date, the stock has skyrocketed by around 496% since January.
Following MicroStrategy’s Example
Metaplanet’s approach to Bitcoin acquisition resembles that of MicroStrategy, a U.S. firm that holds the most extensive Bitcoin reserves globally, with over 252,200 BTC worth about $15 billion.
In a recent interview, MicroStrategy CEO Michael Saylor expressed ambition to evolve the company into the foremost Bitcoin bank, aspiring to build a trillion-dollar valuation. Saylor noted:
This is the most invaluable asset available. Our ultimate goal is to emerge as the top Bitcoin bank or a related financial institution. If we manage to gather $20 billion of conversions, $20 billion in preferred stock, $10 billion in debts, and about $50 billion in other financial instruments, we could attain $100 to $150 billion in Bitcoin.
The global momentum around Bitcoin accumulation is increasing. Recently, Nasdaq-listed Semler Scientific disclosed its purchase of 83 BTC, valued at around $5 million. As of the latest update, BTC’s trading price stands at $61,356, reflecting a 1.2% rise in the last 24 hours.
