Metaplanet Boosts Bitcoin Holdings with Another $10.4M Purchase, Surpassing 1,000 BTC

Adoption Bitcoin Metaplanet

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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October 28, 2024 03:57 EDT

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Japanese investment firm Metaplanet Inc. has expanded its Bitcoin holdings, investing $10.4 million to push its total to over 1,000 BTC.

On Monday, Metaplanet disclosed its latest Bitcoin purchase of 156.78 BTC, acquired at an average price of 10.2 million yen (approximately $66,436) per Bitcoin.

This brings the Tokyo-listed firm’s total Bitcoin holdings to 1,018.17 BTC, valued at roughly $68.8 million.

Metaplanet Becomes Asia’s Largest Holder of Bitcoin

In a post on X, Metaplanet CEO Simon Gerovich said that this latest purchase positions Metaplanet as one of Asia’s largest corporate holders of Bitcoin.

In response to an inquiry about Metaplanet’s future acquisition plans, Gerovich affirmed the company’s commitment, and replied, “Always and forever.”

Metaplanet began its Bitcoin acquisition strategy in May, marking a shift toward holding the digital asset as a long-term reserve.

Since then, the company has significantly ramped up its investments, increasing its holdings from 141.07 BTC in June to 398.83 BTC by September, and now surpassing the 1,000 BTC threshold.

The firm’s recent funding activities have further supported this strategy.

Last week, Metaplanet raised approximately 10 billion yen ($66 million) through a stock acquisition rights offering, attracting 13,774 individual shareholders.

The stock acquisition rights were initially announced on August 6 when the company’s share price was around 700 yen.

The move allowed shareholders to purchase new shares at a discounted rate of 555 yen per share.

The rights were issued at no charge to shareholders, with one right allocated per common stock held

The capital injection, alongside income from operations, has enabled the firm to continually expand its Bitcoin reserve.

Despite the growing Bitcoin holdings, Metaplanet emphasized that holding its common shares does not confer any ownership over its Bitcoin assets.

The firm has not historically paid dividends on these shares, underscoring its focus on capital reinvestment.

Metaplanet’s stock reacted positively, climbing 5.9% in Monday’s trading on the Tokyo exchange, with a 610% gain year-to-date, reflecting investor confidence in its strategic direction.

Metaplanet Teams Up with Hoseki to Verify Bitcoin Holdings

As reported, Metaplanet has partnered with Hoseki, a global leader in Bitcoin verification solutions, to allow users to verify the company’s Bitcoin holdings.

The firm said that the move is intended to enhance transparency and trust in its Bitcoin holdings through the use of Hoseki Verified.

“As Bitcoin adoption proliferates globally, the importance of transparency cannot be overstated,” the company said.

The ongoing macroeconomic uncertainties, characterized by increasing inflationary pressures and geopolitical tensions, have prompted corporate treasurers to explore the inclusion of Bitcoin as a reserve asset.

Just recently, digital asset prime services platform Abra launched a service designed for corporates seeking to hold cryptocurrencies as reserve assets on their balance sheets.