The Japanese investment firm Metaplanet has made headlines with its recent acquisition of 1,112 Bitcoins, pushing its total holdings to a notable 10,000 BTC. This means Metaplanet has now overtaken Coinbase, positioning itself as the seventh largest publicly listed company in terms of Bitcoin assets.
On Monday, Metaplanet shared an announcement revealing that it invested 16.888 billion yen (roughly $117 million) to purchase this Bitcoin stash. Currently, its holdings have surpassed Coinbase, which holds 9,267 BTC. This information comes from Bitbo data.
The average price for Metaplanet’s 10,000 Bitcoins stands at 13.9 million yen, approximately $96,400 each.
It’s worth noting that this acquisition comes just two weeks after the firm became the eighth largest corporate holder of Bitcoin.
Metaplanet plans to issue $210 million in bonds for more Bitcoin
On the same day, Metaplanet further revealed its intention to issue $210 million in zero-coupon bonds aimed at funding additional Bitcoin purchases.
The company’s Bitcoin strategy has evolved considerably in recent months, as it now aims to hold 210,000 BTC by the end of 2027. So far, with 10,000 BTC acquired, it will need to buy another 200,000 within the next year and a half.
Metaplanet’s stock sees significant gains
Following these announcements, Metaplanet’s stock price surged significantly in just one day.
Shares of Metaplanet (3350T) reached a peak of 1,860 yen on Monday, marking an increase of over 22%. Remarkably, Metaplanet’s stock has risen more than 417% since the beginning of the year.
Institutional demand remains strong
Even amidst recent turmoil that caused Bitcoin’s price to drop from $110,000 to around $103,000 within three days, institutional demand has remained robust, largely fueled by ongoing geopolitical tensions.
Co-founder Michael Saylor confirmed his company’s commitment to acquiring additional BTC, despite the current climate.
Last week, Bitcoin exchange-traded funds experienced net inflows, with institutional investors investing over $1.3 billion over the course of five days.
On Saturday, Hunter Horsley, CEO of Bitise Asset Management, suggested that Bitcoin could potentially surpass the $30 trillion financial market.
