Home / Crypto News / Metaplanet Buys 518 BTC, Now Sixth in Global Holdings

Metaplanet Buys 518 BTC, Now Sixth in Global Holdings

Metaplanet acquires 518 BTC worth $61.4M, boosting total to 18,113 BTC, and plans $3.7B funding to expand Bitcoin treasury

Key Takeaways

  • Metaplanet buys 518 BTC worth $61.4 million, pushing total holdings to 18,113 BTC.
  • Now ranks sixth globally in corporate Bitcoin holdings.
  • Plans to raise $3.7 billion via preferred shares to expand Bitcoin treasury.

Metaplanet Expands Bitcoin Treasury with $61M Purchase

The Japan-based Bitcoin treasury company Metaplanet has increased its crypto reserve by purchasing 518 BTC on top of their existing reserves for around $61.4 million. The purchase was made at an average price of $118,519 per Bitcoin, as disclosed on Tuesday.

This acquisition has elevated Metaplanet’s total Bitcoin holdings to 18,113 BTC, bought for a total of $1.85 billion at an average cost of $101,911 per BTC. The Tokyo Stock Exchange-listed company is still actively placing itself among the top corporations holding the highest amount of Bitcoin worldwide.

The data provided by Bitcointreasuries reveals that Metaplanet is placed on the sixth position worldwide in terms of total holdings, behind the biggest holders such as Strategy, MARA, XXI, Bitcoin Standard Treasury Company, and Riot. It should be mentioned that Strategy—Michael Saylor’s team—has just got 155 more BTC for $18 million, taking its total up to an extraordinary 628,946 BTC.

Funding Plans to Drive Bitcoin Accumulation

On the 2nd of June, Metaplanet published its intention to mobilize up to 555 billion yen ($3.7 billion), mainly through the issuance of perpetual preferred shares. The money will be directed toward the acquisition of their Bitcoin treasury and securing their position as a player in the crypto treasury market in the long run.

Speaking for the company, the CEO, Simon Gerovich, stated that the financial instability caused by the pandemic has made Bitcoin the main part of their financial strategy.

Despite the purchase, Bitcoin’s price dipped 2.4% in the last 24 hours to $118,883, though it remains up 4% over the week. Metaplanet’s stock also fell 1.6% during Tuesday’s trading session, extending a 37% monthly decline, but still posting a 183% year-to-date gain.

Summary:

Metaplanet’s aggressive Bitcoin acquisition strategy shows no signs of slowing. With $61.4 million added in BTC and a massive $3.7 billion funding plan, the firm is solidifying its position among the top corporate Bitcoin holders globally.

Also Read: CleanSpark Founder Returns as CEO After Bradford Exit

RRWNPQMC

Tagged:

Sign Up For Daily Newsletter

Stay updated with our weekly newsletter. Subscribe now to never miss an update!