Japanese cryptocurrency platform Metaplanet notches up 10,000 Bitcoins, surpassing Coinbase in holdings
In a significant move, Metaplanet has acquired an additional 1,112 Bitcoin for $117.2 million, propelling the company to become the ninth-largest publicly traded holder of Bitcoin. With this recent purchase, Metaplanet's total Bitcoin holdings now stand at 10,000 BTC.
The average cost basis for each Bitcoin acquired by Metaplanet is $94,698, with the company's total investment in Bitcoin approximating $947 million. This strategic move has led to a surge in Metaplanet's market value, exceeding ¥1 trillion ($6.9 billion).
Metaplanet's aggressive Bitcoin accumulation strategy comes at a time when markets are digesting the implications of growing corporate adoption of Bitcoin. The company's shares jumped 26% on Monday, reflecting investor confidence in Metaplanet's Bitcoin strategy.
To fund these Bitcoin purchases, Metaplanet recently issued $210 million in zero-percent ordinary bonds. This move demonstrates the company's commitment to its Bitcoin investment strategy and its belief in the long-term potential of Bitcoin.
While Metaplanet's investment in Bitcoin is substantial, it pales in comparison to MicroStrategy, which has acquired Bitcoin worth approximately 72 billion dollars, holding 639,835 BTC. MicroStrategy remains the only company that has so far bought Bitcoin exceeding 100 billion dollars in value cumulatively if counting average purchase price and market value combined. Other companies like Metaplanet and Sequans Communications hold Bitcoin worth billions but below the 100 billion threshold.
At press time, Bitcoin trades at $107,032, up 1.80% over the past 24 hours. This rise in Bitcoin's value further underscores the potential of Metaplanet's investment strategy.
It's worth noting that over 150 public companies now hold Bitcoin worth more than 100 billion dollars collectively. Metaplanet's stock has soared more than 2,000% over the last year, highlighting the company's successful approach to Bitcoin investment.
As Metaplanet continues to invest in Bitcoin, it will be interesting to see how the company's strategy evolves and how it impacts the company's performance in the future.
Read also:
- Strategizing the Integration of Digital Menus as a Core Element in Business Operations
- Financial Actions of BlockDAG Following Inter and Borussia Agreements: Anticipating Future Steps
- International powers, including France, Germany, and the UK, advocate for the reinstatement of sanctions against Iran.
- Companies urged to combat employee resignation crisis, as per findings from the Addeco Group
