Japan’s Metaplanet just made its biggest Bitcoin purchase yet. The company announced Monday it added 5,419 more Bitcoins to its holdings. This single buy was worth about $632.5 million. It cost roughly 93.6 billion Japanese Yen.
Simon Gerovich, Metaplanet’s CEO, shared on X that this latest Bitcoin acquisition happened at an average price of around $116,724 per Bitcoin. This move makes Metaplanet the fifth-largest public company holding Bitcoin worldwide.
After this big acquisition, Metaplanet now owns a total of 25,555 Bitcoins. This puts them above Peter Thiel’s Bullish exchange in terms of Bitcoin holdings. They sit just below the Bitcoin Standard Treasury Company. Metaplanet also holds the most Bitcoin of any company in Asia and outside the United States. The company has spent about $2.71 billion acquiring all its Bitcoin, at an average price of $106,065 per coin. Right now, this portfolio is showing roughly $177 million in profit.
Earlier this month, Metaplanet revealed plans to raise $1.4 billion. They will do this by issuing 385 million new shares. The money from these shares will go towards buying more Bitcoin. Dylan Le Clair, Metaplanet’s Head of Bitcoin Strategy, noted that this recent purchase is just the start of that plan. The company intends to keep adding to its Bitcoin stash.
Metaplanet Nears Its 2025 Goal
Metaplanet started accumulating Bitcoin in April 2024. Before that, it operated in the hotel business. Its strategy is similar to MicroStrategy. They raise money through stock and debt sales to invest in Bitcoin. This aims to create value for shareholders. Over 170 public companies are taking a similar route.
The company has clear goals for its Bitcoin holdings. They aim for 30,000 Bitcoins by the end of 2025. By 2027, they plan to hold 200,000 Bitcoins. This latest purchase means Metaplanet has already reached 85% of its 2025 target. Just a few weeks ago, in early September, their holdings hit 20,000 Bitcoins. This shows they have quickly added over 5,000 Bitcoins since then.
Metaplanet is also expanding its Bitcoin focus in other ways. Last week, its board approved a new U.S. subsidiary based in Miami. This new branch will work on “Bitcoin revenue generation,” focusing on derivatives and related activities. The company also opened a new division in Japan and bought the bitcoin.jp domain. These steps reinforce its dedication to the main cryptocurrency’s ecosystem.
Despite its bold moves, Metaplanet’s stock saw a dip. Shares fell 3.13% on the Tokyo exchange Monday. This extended its monthly loss to nearly 30%, according to Google Finance data. Meanwhile, Bitcoin itself slipped 2.7% in the last 24 hours, falling below $113,000. This happened amid a wider market correction that triggered over $1.5 billion in liquidations across the crypto market.
Imagen editada de Unsplash, con logo de Metaplanet