Public keys provide a weekly overview of key developments in major public crypto companies.
This week, we’re seeing some interesting moves: Metaplanet appears to be ramping up its Bitcoin acquisition initiatives, while Coinbase is adjusting its focus on altcoins due to some revenue missteps.
The strategy surrounding Bitcoin suggests that the Ministry of Finance aims to be the largest corporate finance entity yet.
Interestingly, this suggests that they could surpass Warren Buffet’s Berkshire Hathaway, which currently has around $328 billion in cash and equivalents as of the last quarter.
When Buffett’s company releases its second-quarter results, it might clarify just how much cash they effectively have on hand.
For firms pursuing such strategies, it’s crucial to see their Bitcoin holdings grow more than twice their current value. If Bitcoin hits its projected $225,000 target by the end of 2026, potential profits could really drive performance.
It’s unclear if MSTR will pause its Bitcoin purchases, but with 628,791 BTC currently valued at about $141 billion, they might see significant gains moving into the next year.
However, Michael Saylor has stated he’s not done yet with Bitcoin, claiming in a recent CNBC interview that they could ultimately hold around 7% of the available supply.
“I don’t think we’re aiming for complete ownership. I see us staying in the 3-5% or 3-7% range,” he noted, adding that they wouldn’t want to own it all.
To facilitate this, the company is planning a new strategy this year, looking to raise an additional $4.2 billion for further Bitcoin investments.
Metaplanet, which represents about 5% of the size of the Bitcoin Ministry of Finance model, aims to gather a similar amount for Bitcoin purchases. The company recently announced a $3.7 billion increase in funds through its preferred stock offering, with dividends reaching up to 6%.
Notably, Japanese firms have indicated intentions to hold at least 210,000 BTC by the end of 2027, which means they would need to increase their current holdings significantly.
If Metaplanet were to manage this successfully, it could quickly rise to be the second-largest corporate holder of Bitcoin, right after MSTR.
Since the start of the year, Metaplanet’s stock price has soared—up by 207% and an impressive 313% overall. Still, news surrounding Monster Rays hasn’t been particularly uplifting for investors today.
Metaplanet, listed as MTPLF on OTC markets and 3350 on the Tokyo Stock Exchange, dropped 7.65% on Friday, closing at $7.18.
Coinbase’s recent revenue issues revealed that XRP has, surprisingly, outperformed Ethereum in terms of trading revenue.
The San Francisco-based exchange reported $1.5 billion, which reflects a 25% decrease from the previous quarter and was below analysts’ expectations of $1.59 billion.
Nonetheless, XRP has gained traction, contributing 13% to consumer trading revenue—edging out Ethereum, which accounted for 12%.
Despite concerns surrounding Coinbase’s performance, analysts at Bernstein seem unfazed.
In their recent memo, they referred to Q2 as a pivotal period and reaffirmed their outperform rating with a price target of $510, while Coinbase is priced at $316.
They mentioned that beyond Bitcoin, improvements in the crypto market structure are expected to drive trading volume higher, based on recent trends.
They also expressed optimism about new partnerships, including a recent deal with JP Morgan, which positions the company effectively within the crypto financial infrastructure.
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Tokenization: Unfortunately for Robinhood’s CEO, Vlad Tenev, the term “tokenize” was mentioned 11 times during their revenue call. Despite this, Robinhood did see a 45% rise in revenues during the second quarter.
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Skip AI: Bitcoin miner Mara Holdings has received some criticism for not diversifying their revenue beyond BTC mining. “Everyone else is focused on high-performance computing, while Mara seems to be in a different world,” an analyst pointed out.
