The Japanese investment firm Metaplanet added another 108 Bitcoin to its holdings, bringing its total to over 748 BTC. The firm’s target is the 1,000 BTC balance.
Metaplanet’s growing Bitcoin reserves
Metaplanet made its latest purchase at an average price of $61,659 per Bitcoin.
With this addition, the firm’s total reserves now stand at 748.502 BTC, valued at more than $46.5 million based on current market prices.
*Metaplanet purchases additional 108.99 $BTC* pic.twitter.com/b0fDiqcAWv
— Metaplanet Inc. (@Metaplanet_JP) October 11, 2024
Earlier in October, the Tokyo-based firm bought 107 BTC on October 1 for about $7 million and another 108 BTC on October 7 for $6.7 million.
The average price Metaplanet has paid for its Bitcoin is around $62,500, which is higher than the current market price of $61,356.
If the firm were to sell its holdings today, it would face a loss of about $1,200 for each Bitcoin.
But of course, they won’t sell, this is why are they using Bitoin as reserves. CEO Simon Gerovich stated that Metaplanet plans to keep accumulating Bitcoin and aims for at least 1,000 BTC.
Future growth
With this latest acquisition, Metaplanet ranks as the 17th largest public company holding Bitcoin but still trails behind Meitu, another Asian company that holds 940 BTC in reserves.
If Metaplanet continues its buying strategy, it could soon surpass Meitu and become the largest publicly traded company in Asia by Bitcoin reserves.
There was little immediate effect on Metaplanet’s stock price, after they announced the purchase.
Its stock rose only 0.53% on Friday, closing at 955 Yen or about $6.41. But worth to mention that the stock has seen impressive growth this year, surging by as much as 496% since January.
The MicroStrategy script
Metaplanet’s approach to Bitcoin mirrors that of MicroStrategy, a U.S.-based firm that holds over 252,200 BTC worth more than $15 billion. In an interview, MicroStrategy CEO Michael Saylor expressed his ambition to transform his company into a leading Bitcoin bank and ultimately a trillion-dollar enterprise.
He stated that Bitcoin is the most valuable asset in the world, and outlined plans for huge financial structures involving Bitcoin.
Now experts claim as more companies like Metaplanet and MicroStrategy invest heavily in Bitcoin, it could lead to increased institutional interest in cryptocurrencies overall.
