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Metaplanet Buys Over $6.7M Worth of BTC in Latest Purchase

The Japanese firm now holds 639.503 BTC in its Bitcoin portfolio following the latest acquisition.

Avatar image of Mishael Nwani Mishael Nwani•October 7, 2024
Metaplanet

Publicly traded Japanese firm Metaplanet has boosted its Bitcoin stash by acquiring 108.786 BTC (worth over $6.73 million). The latest acquisition, announced on October 7th, brings the company’s total BTC portfolio to 639.503 BTC, acquired at $40.19 million.

Metaplanet Boosts BTC Stash

Since late April, the Japanese company has been on a frequent BTC acquisition spree. The firm’s executives stressed that this practice is “the most valuable thing” they can do for shareholders. Over the recent months, Metaplanet has secured loans to boost its Bitcoin holdings, showing its unwavering commitment to accumulating BTC.

Interestingly, Metaplanet’s latest acquisition follows its big buy a week ago, where 107.913 BTC worth $6.9 million was injected into its portfolio.

Metaplanet’s stock price has seen a significant surge since the firm began acquiring the leading cryptocurrency. Following the latest announcement of the firm’s BTC acquisition, its stock, 3350 (TYO), soared by 7.86% to 988 JPY ($6.67).

According to data from Bitcoin Treasuries, Metaplanet is the 24th largest Bitcoin holder, inching closer to the portfolio size of larger corporate BTC holders.

MicroStrategy continues to hold the leading position among public companies holding BTC. Since 2020, the business intelligence firm has upheld its commitment to frequent BTC acquisition. Occasionally, the firm secures loans to boost its holdings. Its most recent acquisition took its Bitcoin stash to 252,220 BTC, representing 1.2% of bitcoin’s total supply.

The second-largest corporate Bitcoin holder is the Bitcoin mining firm, Marathon Digital. At the time of writing, the firm’s BTC stash sat at 26,842 BTC, representing 0.128% of BTC’s total supply.

BTC Trades Above $63k

Last week, BTC saw a significant drop from $64,000 to $60,100. Worries about a war outbreak between Israel and Iran heavily fueled this rapid decrease.

On the bright side, the leading cryptocurrency has seen a positive price trend within the past 24 hours. At the time of writing, BTC sold for $63,600, representing a 2.68% increase within 24 hours.


Source: CoinStats

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.