On October 10, 2024, the Japanese investment company Metaplanet added another 108 Bitcoin (BTC) to its reserves, bringing its total holdings to over 748 BTC.
Metaplanet Eyes 1000 Bitcoin Target
On the third purchase in October, Metaplanet acquired another 108 BTC at an average price of $61,659. The company’s total reserves now stand at 748,502 BTC, valued at over $46.5 million at current market prices.
Earlier this month, the Tokyo-based company bought 107 BTC for around $7 million on October 1, followed by another acquisition of 108 BTC on October 7 for $6.7 million. Additionally, on October 3, Metaplanet earned 23.9 BTC by selling put options and collecting premiums.
Metaplanet’s total average purchase price for BTC is approximately $62,500, higher than the current market price of $61,356. As a result, if the company were to liquidate its holdings today, it would post 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 accumulate at least 1,000 BTC, as confirmed by CEO Simon Gerovich in a recent interview.
With the latest purchase, Metaplanet ranks 17th among listed companies that own BTC. However, it remains 192 BTC behind another Asian giant, Meitu, which has 940 BTC in its reserves.
If Metaplanet continues its current buying spree, it may not be long before it becomes the largest Asian listed company by Bitcoin reserves, surpassing Hong Kong-based Meitu.
That said, the recent purchase had little immediate impact on Metaplanet’s share price. Yahoo Finance said its stock rose a modest 0.53% on Friday to close at 955 yen, or about $6.41.
Despite this, the stock has seen significant growth year-to-date (YTD), up a whopping 496% since the start of the year.
Following in the footsteps of MicroStrategy
Metaplanet’s Bitcoin strategy mirrors that of US business intelligence firm MicroStrategy, which holds the largest Bitcoin reserves in the world – over 252,200 BTC, currently valued at just over $15 billion.
In a recent one interviewMicroStrategy CEO Micheal Saylor shared his ambitious goal to “transform MicroStrategy into the leading Bitcoin bank,” and ultimately a trillion-dollar company. Saylor added:
This is the most valuable asset in the world. The end game is to be the leading bitcoin bank or merchant bank, or you could call it a bitcoin finance company. If we end up with $20 billion in converts, $20 billion in preferred stock, $10 billion in debt, and say $50 billion in some sort of debt instrument and structure instrument, then we have $100-$150 billion in bitcoin.
The race to accumulate Bitcoin is gaining momentum worldwide. Semler Scientific recently listed on the Nasdaq announced the purchase of 83 BTC, worth approximately $5 million. At the time of writing, BTC is trading at $61,356, up 1.2% in the past 24 hours.
Featured image from Unsplash.com, charts from Google Finance and TradingView.com