On October 10, 2024, the Japanese investment powerhouse, Metaplanet, made a significant move in the cryptocurrency market by adding another 108 Bitcoin (BTC) to its growing reserves. This latest acquisition brings Metaplanet’s total Bitcoin holdings to over 748 BTC, marking a pivotal moment in their strategic investment journey.
Metaplanet Eyes 1000 Bitcoin Target
In its third strategic acquisition of October, Metaplanet secured an additional 108 BTC at an average price of $61,659. With this purchase, the firm’s total reserves now stand at 748.502 BTC, valued at an impressive $46.5 million at current market prices. The Tokyo-based company had already made notable purchases earlier in the month, acquiring 107 BTC on October 1 for approximately $7 million. This was followed by another acquisition of 108 BTC on October 7 for $6.7 million. Additionally, on October 3, Metaplanet enhanced its Bitcoin reserves by earning 23.9 BTC through the strategic selling of put options and collecting premiums.
Metaplanet’s overall average buying price for BTC is around $62,500, slightly higher than the current market price of $61,356. Consequently, if the firm were to liquidate its holdings today, it would record a modest loss of approximately $1,200 per BTC. However, CEO Simon Gerovich has confirmed that Metaplanet has no immediate plans to sell its Bitcoin. The firm’s ambitious goal is to accumulate at least 1,000 BTC, a milestone that signifies their long-term commitment to the cryptocurrency market.
With this latest purchase, Metaplanet has secured the 17th spot among public companies holding BTC. However, it still trails behind another Asian giant, Meitu, which holds 940 BTC in its reserves. If Metaplanet maintains its current buying momentum, it may soon surpass Hong Kong-based Meitu, becoming the largest Asian publicly-traded company by Bitcoin reserves. Despite these strategic moves, the recent purchase had a minimal impact on Metaplanet’s stock price. According to Yahoo Finance, the stock experienced a modest rise of 0.53% on Friday, closing at 955 Yen, approximately $6.41. Nevertheless, the stock has demonstrated significant growth year-to-date, surging by an impressive 496% since the start of the year.
Following In The Footsteps Of MicroStrategy
Metaplanet’s Bitcoin strategy mirrors that of the US-based business intelligence firm MicroStrategy, known for holding the largest Bitcoin reserves globally, with more than 252,200 BTC valued at just over $15 billion. In a recent interview, MicroStrategy CEO Michael Saylor articulated his ambitious vision to “transform MicroStrategy into the leading Bitcoin bank,” potentially evolving into a trillion-dollar company. Saylor elaborated on his strategic vision, asserting, “This is the most valuable asset in the world. The endgame is to be the leading bitcoin bank, or merchant bank, or you could call it a bitcoin finance company. If we end up with $20bn of converts, $20bn of preferred stock, $10bn of debt and say $50bn billion of some kind of debt instrument and structures instrument, we’ll have $100-$150bn of bitcoin.”
The global race to accumulate Bitcoin is gaining momentum, as demonstrated by recent developments. Nasdaq-listed Semler Scientific recently announced the purchase of 83 BTC, valued at approximately $5 million. As of the latest reports, BTC is trading at $61,356, marking a 1.2% increase in the last 24 hours.
