Skip to content
- Metaplanet increases its Bitcoin holdings to 11,111 BTC, bringing it close to Tesla’s 11,509 BTC reserve.
- The recent $117 million Bitcoin acquisition solidifies Metaplanet’s status as a prominent corporate holder.
- Corporate Bitcoin adoption surges, with Metaplanet positioning itself for continued expansion in the digital asset space.
Metaplanet, the Japanese major Bitcoin corporate treasury firm, announced this Monday that it acquired another 1,111 Bitcoins. The purchase is estimated to be worth 17.26 billion Japanese yen ($117 million), which would bring the total holdings of Metaplanet to 11,111 BTC. The firm has moved within reach of Tesla, which currently possesses 11,509 BTC worth of Bitcoin. The increasing amount of Bitcoins held by Metaplanet makes it one of the biggest corporate owners in the world.
Source: X
In its recent acquisition, the company has incurred a cost of almost $105,500 per coin. According to the CoinMarketCap data, as of Monday, the price of Bitcoin was slightly less than $102,000, so the acquisition cost of Metaplanet was approximately 3.3% more expensive than the existing market price.
Nevertheless, Metaplanet has a healthy cost basis in general, where an average price is set at $95,560 per Bitcoin. This purchase follows a similar move last week when Metaplanet purchased 1,112 BTC, leaving it to own 10,000 BTC. And becoming the eighth-largest corporate Bitcoin holder.
Metaplanet Targets Market Expansion
Metaplanet was temporarily displaced by Hut 8 Mining in the eighth place but regained that position in the short term. The company currently has its eyes set on Tesla, whose stash of BTC is just 398 BTC more than that of the company. As long as the company continues its buying spree, it is probably possible that Metaplanet will overtake Tesla before the month ends. CleanSpark, with 12,502 BTC, is the next corporate Bitcoin owner besides Metaplanet. With just over 1,391 BTC above its present holdings.
This influx of corporate institutions purchasing Bitcoin coincides with the fact that increasing numbers of publicly traded companies are joining the Bitcoin bandwagon. Nakamoto Holdings just closed a $51.5 million round to purchase more Bitcoin, and Parataxis Holdings is creating a treasury platform that exclusively deals in Bitcoin in South Korea. Even the Norwegian crypto company K33 has said it plans to raise capital to acquire up to 1,000 BTC. And the Norwegian Block Exchange stock price flew in the sky when it revealed its Bitcoin acquisition strategy.
Expanding Bitcoin Institutional Adoption
Metaplanet is not alone in making its latest moves, as institutional adoption of Bitcoin is expanding. As per data by BitcoinTreasuries.NET, Bitcoin is already owned by more than 240 publicly traded companies. With a total of more than 832,000 Bitcoins being owned by them. As the number of corporate holders increases, Metaplanet is building toward future expansion in the digital asset market.
The aggressive approach by the company related to Bitcoin is symptomatic of the fact that institutional investors are finally acknowledging the worth of Bitcoin as a long-term store of value investment. The continued buying by Metaplanet indicates its desire to stay on top of corporate Bitcoin ownership. They would prepare the ground for future acquisitions. Since most companies are willing to turn to Bitcoin as a store of value.
