On October 10, 2024, Japanese investment company Metaplanet added another 108 Bitcoin (BTC) to its reserves, bringing its total to over 748 BTC.
Metaplanet Eyes 1000 Bitcoin Target
In its third purchase in October, Metaplanet received an additional 108 BTC for an estimated value of $61,659. The firm’s total reserves now stand at 748.502 BTC, which is worth over $46.5 million at current market rates.
Earlier this month, the Tokyo-based company bought 107 BTC on October 1 for about $7 million, followed by another. adoption of 108 BTC on October 7 for $6.7 million. Additionally, on October 3, Metaplanet earned 23.9 BTC for selling put options and collecting premiums.
Metaplanet’s average BTC purchase price is around $62,500, higher than the current market price of $61,356. As a result, if the company were to end its holdings today, it would record a loss of approximately $1,200 per BTC.
However, it appears that Metaplanet has no plans to sell its Bitcoin anytime soon. The company aims to raise 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 Asia’s largest publicly traded company in Bitcoin reserves, surpassing Hong Kong-based Meitu.
That said, the recent acquisition has had little immediate impact on Metaplanet’s stock price. Yahoo Finance said its stock was up a small 0.53% on Friday, closing at 955 yen, or about $6.41.
Despite this, the stock has seen significant year-to-date (YTD) growth, rising nearly 496% since the beginning of the year.
Following in the Footsteps of MicroStrategy
Metaplanet’s Bitcoin strategy is similar to that of US-based business intelligence firm MicroStrategy, which holds the world’s largest Bitcoin reserves – more than 252,200 BTC, currently valued at just over $15 billion.
The latest interviewMicroStrategy CEO Micheal Saylor shared his ambitious goal to “turn MicroStrategy into the leading Bitcoin bank,” and eventually, a trillion-dollar company. Saylor adds:
This is the most valuable commodity in the world. The end game should be the best bitcoin bank, or merchant bank, or you can call it a bitcoin finance company. If we end up with $20bn of convertibles, $20bn of preferred stock, $10bn of debt and say $50bn of some sort of debt instrument and property instrument, we will have $100-$150bn of bitcoin.
The race to accumulate Bitcoin is gaining momentum worldwide. Recently, Semler Scientific was listed on Nasdaq announced the purchase of 83 BTC, worth about $ 5 million. As of press time, BTC is trading at $61,356, up 1.2% in the last 24 hours.
Featured image from Unsplash.com, Charts from Google Finance and TradingView.com
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