On October 10, 2024, the Japanese investment company Metaplanet x.com/Metaplanet_JP/status/1844530302800232648″ target=”_blank” rel=”noopener nofollow”>aggregate another 108 bitcoin (btc) to their reserves, bringing their total holdings to over 748 btc.
Metaplanet aims for 1000 bitcoin goal
In its third purchase of October, Metaplanet acquired an additional 108 btc at an average price of $61,659. The company's total reserves now stand at 748,502 btc, valued at over $46.5 million at current market prices.
Earlier this month, the Tokyo-based company purchased 107 btc on October 1 for approximately $7 million, followed by another acquisition of 108 btc on October 7 for $6.7 million. Also, on October 3, Metaplanet cattle 23.9 btc selling puts and collecting premiums.
Metaplanet's overall average purchase price for btc is around $62,500, higher than the current market price of $61,356. As a result, if the company were to liquidate its holdings today, it would record a loss of approximately $1,200 per btc.
However, it seems that Metaplanet has no plans to sell its bitcoin anytime soon. The firm intends to accumulate at least 1,000 btc, as confirmed by CEO Simon Gerovich in a recent interview.
With the latest purchase, Metaplanet ranks 17th among public companies holding btc. However, it remains 192 btc behind another Asian giant, Meitu, which has 940 btc in its reserves.
If Metaplanet continues its current buying spree, it may not be long before it becomes the largest publicly traded Asian company by bitcoin reserves, surpassing Hong Kong-based Meitu.
That said, the recent purchase had little immediate impact on Metaplanet's share price. Yahoo Finance said its shares rose a modest 0.53% on Friday, closing at 955 yen, or about $6.41.
Despite this, the stock has seen significant year-to-date (YTD) growth, rising as much as 496% since the beginning of the year.
Following in the footsteps of MicroStrategy
Metaplanet's bitcoin strategy mirrors that of US-based business intelligence firm MicroStrategy, which holds the world's largest bitcoin reserves: more than 252,200 btc, currently valued at just over $15 billion.
In a recent bitcoin-bank/ar-AA1s63kK?ocid=finance-verthp-feeds” target=”_blank” rel=”noopener nofollow”>interviewMicroStrategy CEO Micheal Saylor shared his ambitious goal to “transform MicroStrategy into the leading bitcoin bank” and ultimately a trillion-dollar company. Saylor added:
This is the most valuable asset in the world. The ultimate goal is to be the leading bitcoin bank, or commercial bank, or you could call it a bitcoin finance company. If we end up with $20 billion in converts, $20 billion in preferred stock, $10 billion in debt and, say, $50 billion of some type of debt instrument and structural instrument, we will have between 100 billion and 150 billion dollars in bitcoins.
The race to accumulate bitcoin is gaining ground around the world. Recently, Nasdaq-listed Semler Scientific announced the purchase of 83 btc, worth approximately 5 million dollars. At press time, btc is trading at $61,356, up 1.2% in the last 24 hours.
Featured image from Unsplash.com, charts from Google Finance and TradingView.com
