Metaplanet just bought $108M in Bitcoin — Now it’s bigger than Tesla, Coinbase!
A 10% pump followed its latest BTC purchase.
- Metaplanet’s 13,350 BTC stash has surpassed Coinbase, Tesla and Galaxy
- Firm is over 50% away from its 2025 target of 30K BTC
Metaplanet is now among the top five global Bitcoin treasury firms after its latest $108.1M BTC purchase.
On 30 June, the firm announced that it added an extra 1,005 BTC ($108.1M), increasing its total holdings to 13,350 BTC.
In doing so, it surpassed Coinbase’s 9,267 BTC, Tesla’s 11,509 BTC and CleanSpark’s 12,502 BTC. It has also effectively flipped Galaxy’s 12,830 BTC from the fifth position on the BTC treasuries rankings.
Over $200M raised for more BTC buys
In June alone, Metaplanet has made five purchases, accumulating an average of 1,000 BTC in each buy. In short, it has purchased over 5k BTC in June alone.
And yet, its current stash of 13,350 BTC is still nearly 50% away from its 2025 target of 30k BTC. In short, Metaplanet holdings has a deficit of over 16k BTC to be filled in H2.
As part of its ambitious target, the firm, on 30 June, also unveiled another bond sale worth 30 billion Japanese Yen (JPY) or about $208 million. The funds will be used to clear a previous debt (about $10M, or 1.5 billion JPY) and the rest for the BTC buying program, according to its statement.
“Funds raised through the issuance of the new bonds will be partially allocated to the buyback and cancellation, with the remainder used for the purchase of Bitcoin.”
The latest purchase didn’t only flip Tesla and Galaxy, it also pumped Metaplanet’s stock by 10% on 30 June.
In the first half of June, Metaplanet (MTPLF) surged by over 80% from $7.19 to $13.30.
Soon after, it retraced and stabilized at a weekend gap (white) near $10. At press time, Metaplanet was trading at $11.4, with the monthly returns hitting 45% in June. On the contrary, Bitcoin has rallied by about 3% over the same period.
