Japan’s Metaplanet Scoops Another 108 Bitcoin, Inches Closer To 1000 BTC Target

1 month ago 19

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On October 10, 2024, Japanese investment firm Metaplanet added another 108 Bitcoin (BTC) to its reserves, bringing its total holdings to over 748 BTC.

Metaplanet Eyes 1000 Bitcoin Target

In its third purchase of October, Metaplanet acquired an additional 108 BTC at an average price of $61,659. The firm’s total reserves now stand at 748.502 BTC, valued at over $46.5 million at current market prices.

Earlier this month, the Tokyo-based firm purchased 107 BTC on October 1 for roughly $7 million, followed by another acquisition of 108 BTC on October 7 for $6.7 million. Additionally, on October 3, Metaplanet earned 23.9 BTC by selling put options and collecting premiums.

Metaplanet’s overall average buying price for BTC is around $62,500, higher than the current market price of $61,356. As a result, if the firm were to liquidate its holdings today, it would record a loss of approximately $1,200 per BTC.

However, it seems that Metaplanet has no plans to sell its Bitcoin soon. The firm aims to accumulate at least 1,000 BTC, as confirmed by CEO Simon Gerovich in a recent interview.

With the latest purchase, Metaplanet is ranked 17th among public companies holding BTC. However, it remains 192 BTC behind another Asian giant, Meitu, which holds 940 BTC in its reserves.

If Metaplanet continues its current buying spree, it may not be long before it becomes the largest Asian publicly-traded company by Bitcoin reserves, surpassing Hong Kong-based Meitu.

That said, the recent purchase had little immediate impact on Metaplanet’s stock price. Yahoo Finance said its stock rose a modest 0.53% on Friday, closing at 955 Yen, or approximately $6.41.

Despite this, the stock has seen significant growth year-to-date (YTD), surging by as much as 496% since the start of the year.

Source: Google Finance

Following In The Footsteps Of MicroStrategy

Metaplanet’s Bitcoin strategy mirrors that of US-based business intelligence firm MicroStrategy, which holds the largest Bitcoin reserves in the world – more than 252,200 BTC, currently valued at just over $15 billion.

In a recent interview, MicroStrategy CEO Micheal Saylor shared his ambitious goal to “transform MicroStrategy into the leading Bitcoin bank,” and ultimately, a trillion-dollar company. Saylor added:

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 race to accumulate Bitcoin is gaining traction worldwide. Recently, Nasdaq-listed Semler Scientific announced the purchase of 83 BTC, worth approximately $5 million. As of press time, BTC is trading at $61,356, up 1.2% in the last 24 hours.