tl;dr
Japanese investment firm Metaplanet has continued to acquire Bitcoin for its corporate treasury, purchasing an additional ¥300 million ($2 million) worth of BTC. The firm's total Bitcoin holdings now stand at 398.832 BTC, valued at $22.8 million based on Bitcoin's current price of $57,123. Metaplane...
Japanese investment firm Metaplanet has continued to acquire Bitcoin for its corporate treasury, purchasing an additional ¥300 million ($2 million) worth of BTC. The firm's total Bitcoin holdings now stand at 398.832 BTC, valued at $22.8 million based on Bitcoin's current price of $57,123.
Metaplanet began its aggressive Bitcoin purchasing strategy in April 2024, describing it as a "strategic pivot" that has coincided with a significant increase in the firm's stock price. Additionally, the company recently completed a ¥500 million ($3.4 million) Bitcoin purchase and announced plans to raise ¥10.08 billion through a stock rights offering to further bolster its Bitcoin reserves.
This strategy mirrors the approach taken by U.S. software firm MicroStrategy, which has amassed nearly $13 billion in BTC under the leadership of its CEO, Michael Saylor. Saylor has also made a long-term prediction that Bitcoin's price will reach $13 million over a 21-year period, potentially leading to a market capitalization of $256 trillion.
Metaplanet revealed its latest Bitcoin buy in a September 10 filing, noting that it had purchased 38.464 BTC at an average purchase price of ¥7.8 million ($54,517), during Bitcoin's recent price dip. "Thankful for this price action. Have some capital to deploy," Metaplanet's Director of Bitcoin Strategy, Dylan LeClair tweeted on September 8, as Bitcoin's price sank to lows under $54,000.
At the time of writing, Metaplanet shares are trading for $7.69, according to Google Finance. The firm last month completed a purchase of ¥500 million ($3.4 million) in BTC, finalizing a plan to buy ¥1 billion worth of Bitcoin using a loan taken out earlier in the month. Days before, it announced plans to raise ¥10.08 billion through a stock rights offering in order to further expand its Bitcoin reserves.
The firm's Bitcoin buying strategy follows in the footsteps of U.S. software firm MicroStrategy, which has accumulated almost $13 billion in BTC—more than 1% of the total supply of Bitcoin—under the direction of its chair, Bitcoin bull Michael Saylor. Earlier this week, Saylor predicted that the price of Bitcoin would rise to $13 million over a 21-year period—something that would place the cryptocurrency's market capitalization at $256 trillion, or almost ten times the current U.S. gross domestic product.