Metaplanet boosts Bitcoin reserves to $2.08B with latest $15.2M buy!
But can its aggressive strategy withstand market swings and investor doubts?
Key Takeaways
Metaplanet lifted its Bitcoin stash to 20,136 BTC worth $2.08 billion, ranking sixth worldwide. Despite share declines, its strategy echoed El Salvador and MicroStrategy.
Bitcoin [BTC] recently slipped from its all-time high near $125,000 to below $115,000, yet investor appetite remained strong.
In fact, Japanese Bitcoin treasury firm Metaplanet doubled down, announcing the purchase of an additional 136 BTC worth about $15.2 million.
Metaplanet buys more Bitcoin
The acquisition, disclosed by CEO Simon Gerovich in an X (formerly Twitter) post, brings the company closer to its ambitious accumulation goals, well beyond its earlier target of 10,000 BTC by 2025 and 21,000 BTC by 2026.
With the latest purchase, Metaplanet’s Bitcoin reserves have grown to 20,136 BTC, valued at roughly $2.08 billion.
The company’s average acquisition cost stood at $103,196 per coin, highlighting its aggressive strategy of stacking Bitcoin despite recent market fluctuations.
Data from BitcoinTreasuries showed that Metaplanet ranked sixth among public companies holding Bitcoin, behind giants like MicroStrategy, Marathon Digital (MARA), XXI, Bitcoin Standard Treasury Company, and Bullish.
Stock slumps despite buy
The announcement, however, came as pressure mounted on the company’s shares.
At press time, Metaplanet shares closed at ¥614.00, down 9.97% for the day. Over the past month, they retreated nearly 30%. Even so, the stock still posted a 101% gain since January.
Beyond its Bitcoin accumulation, Metaplanet also updated shareholders on the recent exercise of its 20th series of stock acquisition rights, which added more than 739 million shares between 27 and 29 August.
This brought the company’s total issued shares to 751.2 million by the end of the reporting period.
Meanwhile, Bitcoin itself showed signs of resilience in the broader market.
The cryptocurrency was trading at $113,037.44, up 1.63% in the past 24 hours, as per data from CoinMarketCap.
Community reaction
As expected, the community responded positively to the announcement, with one X user noting,
Echoing the enthusiasm but adding a note of caution, another X user remarked,
“Look at Metaplanet out here trying to make it rain with those BTCs! 487% YTD? They’re shooting threes like it’s nothing. But remember, in the game of life, it ain’t just about the stats. Keep your eyes on the prize, but don’t forget to enjoy the dribble.”
Other institutions and nations eyeing Bitcoin
Metaplanet’s expansion came as other major players continue to grow their own Bitcoin reserves.
El Salvador, marking the fourth anniversary of its Bitcoin adoption, purchased an additional 21 BTC, lifting its national holdings to over 6,313 BTC valued at approximately $702 million.
Meanwhile, MicroStrategy remained the undisputed leader among public companies.
Co-founder Michael Saylor confirmed holdings of more than 638,000 BTC acquired at an average price of $66,384, representing a total investment of over $33 billion.
