On October 10, 2024, Japanese investment firm Metaplanet He added Another 108 Bitcoin (BTC) added to its reserves, bringing its total holdings to more than 748 BTC.
Metaplanet eyes 1000 BTC target
In its third purchase in October, Metaplanet acquired an additional 108 BTC at an average price of $61,659. The company’s total reserves now stand at 748,502 Bitcoin, worth more than $46.5 million at current market prices.
Earlier this month, the Tokyo-based company purchased 107 bitcoins on October 1 for nearly $7 million, followed by another acquisition 108 Bitcoin on October 7 for $6.7 million. In addition, on October 3, Metaplanet It happened 23.9 BTC by selling call options and collecting premiums.
Metaplanet’s total average purchase price for BTC is around $62,500, which is higher than the current market price of $61,356. As a result, if the company liquidated its holdings today, it would record a loss of about $1,200 per Bitcoin.
However, it appears that Metaplanet has no plans to sell its Bitcoin soon. The company aims to accumulate at least 1,000 bitcoins, CEO Simon Jerovich confirmed in a recent interview.
With the latest purchase, Metaplanet ranks 17th among public companies that own Bitcoin. However, it is still 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 in terms of Bitcoin reserves, surpassing Hong Kong-based Meitu.
However, the recent purchase had little immediate impact on Metaplanet’s stock price. Yahoo Finance said its shares rose 0.53% on Friday, closing at 955 yen, or roughly $6.41.
Despite this, the stock has seen significant year-to-date growth, rising as much as 496% year-to-date.
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.
Recently interviewMicroStrategy CEO Michael Saylor shared his ambitious goal of “transforming MicroStrategy into the leading Bitcoin bank” and, eventually, a trillion-dollar company. Saylor added:
This is the most valuable asset in the world. The ultimate goal is to become the leading Bitcoin bank, commercial bank, or you can call it a Bitcoin finance company. If we end up with $20 billion of convertibles, $20 billion of preferred stock, $10 billion of debt, and let’s say $50 billion of some sort of debt and structuring instruments, we’ll have $100 to $150 billion worth of Bitcoin. .
The race to accumulate Bitcoin is gaining momentum around the world. Recently, Semler Scientific was listed on the NASDAQ Announce Purchased 83 Bitcoin worth approximately $5 million. As of press time, Bitcoin is trading at $61,356, up 1.2% over the past 24 hours.
Featured image from Unsplash.com, charts from Google Finance and TradingView.com
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