Metaplanet starts August with its first major purchase.

Metaplanet Acquires Bitcoin Amid Market Dip

Metaplanet made waves on Monday by purchasing 463 Bitcoin, marking its status as the first public company to seize the opportunity presented by a 5% dip over the weekend.

The Japanese investment firm invested approximately 8 billion yen, which is about $53.7 million. The average price per Bitcoin was reportedly around $115,895, as stated by Metaplanet.

This latest acquisition boosts Metaplanet’s total Bitcoin holdings to 17,595, valued at over $2 billion, solidifying its position as the seventh-largest corporate holder of Bitcoin globally.

Interestingly, Metaplanet is possibly the first public company to announce such a Bitcoin purchase, following a noteworthy week of corporate engagement with cryptocurrency. In late July, over 16 companies collectively invested more than $7.8 billion in digital assets.

US Bitcoin exchange products also saw robust inflows in July, although August opened with a significant downturn, showcasing a $812.3 million outflow—one of the largest seen historically.

Following Saylor’s Game Plan

On Friday, Metaplanet revealed plans to issue long-term preferred shares worth roughly $3.733 billion, drawing parallels to the strategy employed by Michael Saylor, who has successfully increased Bitcoin holdings to over 628,700 BTC.

This approach, according to Saylor, has been likened to an “iPhone moment,” especially after one of his preferred stock offerings raised a substantial $2.5 billion in funds for his company.

Long-term capital through preferred stock offers companies like Metaplanet a way to fund Bitcoin purchases while avoiding dilution of common stock or taking on additional debt.

Metaplanet’s preferred stock even offers an annual dividend of up to 6%, contingent on market conditions and investor interest.

Increasing Public Company Participation in Bitcoin

Metaplanet is not alone in its Bitcoin strategy; other companies like Mara Holdings, XXI, and Riot Platforms are also focused on amassing Bitcoin. Recent data indicates that the number of firms holding Bitcoin has increased to 162 from just 112 since May 26.

This growing trend in Bitcoin accumulation among public companies signals a heightened interest in digital assets, as various firms compete in what some are calling the “Bitcoin stacking race.”