Metaplanet Surges Ahead of Tesla in Bitcoin Holdings
Japanese investment firm Metaplanet has recently overtaken Tesla, positioning itself as the seventh-largest corporate holder of Bitcoin. In a public announcement on Thursday, the firm revealed it had acquired an additional 1,234 BTC at an average purchase price of ¥15.6 million (approximately AU$164,691).
With this latest acquisition, Metaplanet’s total Bitcoin holdings have reached 12,345 BTC, surpassing Tesla’s holdings of 11,509 BTC. Based on current market values, Metaplanet’s Bitcoin assets are valued at about US$1.3 billion (AU$1.98 billion). Notably, CleanSpark still holds the upper hand with a Bitcoin treasury of 12,502 BTC.
Long-Term Strategy and Ambitions
Metaplanet, which shifted its focus from hospitality to Bitcoin investment in April 2024, is aggressively expanding its BTC reserves through a blend of bond issuances and equity increases. Earlier in June, the company unveiled its ambitious "555 Million Plan," aimed at raising ¥770.9 billion (AU$8.24 billion) through the issuance of 555 million shares. This capital is specifically allocated for acquiring up to 210,000 BTC by 2027, representing a goal of capturing 1% of Bitcoin’s total supply. Thus far, Metaplanet has successfully raised ¥74.9 billion (AU$780 million) through the issuance of 54 million shares.
According to data from BitcoinTreasuries.NET, Metaplanet stands out as the sole Asian company in the top ten corporate Bitcoin holders, trailing only Cleanspark by a narrow margin of 157 BTC. The company’s stock has displayed remarkable growth this year, achieving a staggering 300% increase year-to-date.
Surpassing Tesla signifies Metaplanet’s robust commitment to Bitcoin accumulation, intensifying competition within the corporate sector of the cryptocurrency market.
Related Developments
This surge in Bitcoin holdings comes amid a broader trend among Japanese companies, with firms such as ANAP and Remixpoint also significantly boosting their Bitcoin positions, collectively exceeding ¥17 billion in investments.
In summary, Metaplanet’s strategic pivot towards Bitcoin investment, combined with its aggressive purchasing strategy, positions it as a formidable player in the cryptocurrency landscape, potentially reshaping the competitive dynamics among major corporate holders.
