Metaplanet's Bitcoin assets surpass $2 billion, according to the CEO, who expresses dedication to expanding Bitcoin.
In the ever-evolving world of cryptocurrency, more public companies are diving headfirst into the Bitcoin market. According to Chris Kuiper of Fidelity, an increasing number of companies are crossing the 1,000+ BTC threshold. One such company is Metaplanet, a Tokyo-listed entity that has surpassed 17,000 BTC in holdings.
Metaplanet, with a strategic approach to grow its Bitcoin reserves, made its latest purchase on August 4th, adding 463 BTC to its treasury. This recent acquisition brings the company's average purchase price for Bitcoin to $101,422. As a result, Metaplanet's current Bitcoin holdings are worth over ¥261.28 billion ($1.78 billion), a significant increase from its earlier estimated value.
However, this move has had a minor impact on Metaplanet's stock. Following the $92.93 million BTC purchase, Metaplanet's stock took a 6.68% hit, trading at 992 JPY. Despite this, Metaplanet finds itself behind heavyweights like MicroStrategy, Marathon Digital (MARA), and Riot in terms of BTC holdings.
MicroStrategy, the global leader in Bitcoin holdings among publicly listed companies, holds approximately 600,000 to 628,791 BTC. Mara Holdings, Inc., XXI by Twenty One Capital, Riot Platforms, Tesla, Donald Trump Media & Technology Group (TMTG), Block (formerly Square), GameStop, Semler Scientific, and several others also hold substantial Bitcoin reserves.
The competition among firms building substantial crypto treasuries is intensifying. Institutional confidence in Bitcoin remains unshaken, as evidenced by the recent actions of these companies. Despite a slight dip from $119,000 to $114,000 since August 1st, the overall sentiment towards Bitcoin remains positive.
In a recent development, Metaplanet estimated the value of its Bitcoin holdings to be closer to $2.02 billion based on gains. To further fuel its Bitcoin strategy, Metaplanet recently filed plans to raise up to ¥555 billion ($3.7 billion) by issuing perpetual preferred shares.
As the race to accumulate Bitcoin continues, it's clear that more companies are recognising the potential of Bitcoin as a valuable addition to their treasury reserves. Bitcoin was trading slightly in the green with a 0.61% 24-hour gain at press time, according to CoinMarketCap.
[1] CoinDesk: Top Publicly Listed Companies with Bitcoin Holdings [2] Business Insider: These are the companies that own the most bitcoin [3] CNBC: Here's a list of the biggest companies holding bitcoin [5] Decrypt: Public Companies Hold Over 962,000 Bitcoin in Total
- In light of Metaplanet's significant Bitcoin holdings and strategic approach to investing in cryptocurrency, it is no surprise that the company is often featured in lists like "Top Publicly Listed Companies with Bitcoin Holdings" (CoinDesk) and "These are the companies that own the most bitcoin" (Business Insider).
- As more public companies are diving into the Bitcoin market and building substantial crypto treasuries, as seen with Metaplanet and others like MicroStrategy, Marathon Digital (MARA), and Riot, it is clear that Bitcoin finance and technology are becoming crucial aspects of modern business strategy.
- The increasing number of public companies investing in Bitcoin reflects an overall positive sentiment towards Bitcoin, as demonstrated by institutional actions and recognized in articles such as "Here's a list of the biggest companies holding bitcoin" (CNBC) and "Public Companies Hold Over 962,000 Bitcoin in Total" (Decrypt).
