Metaplanet Adds Over 108 BTC to its Portfolio, Signaling Strong Bitcoin Bullishness
Buying frenzy. While everyone is watching Bitcoin's price fluctuate around $60,000, Tokyo Stock Exchange-listed company, Metaplanet Inc., is making waves again. This time, they're making a big splash by acquiring 108.9 BTC, a bit over $6.5 million (or 1 billion yen). It's official, Metaplanet now holds 748,502 Bitcoins, cementing its position among the world's largest institutional BTC holders. We'll break down this well-oiled strategy, which seems to draw inspiration from the MicroStrategy model while taking advantage of the unique characteristics of the Japanese market.
Metaplanet: A Well-Established BTC Accumulation Strategy
This isn't Metaplanet's first major move. For several months, the Japanese company has been making massive Bitcoin purchases. Their announcement on October 7th, revealing the acquisition of 108.786 BTC at an average price of 9,192,359 yen per Bitcoin (approximately €56,588), was already seen as a bold move. This acquisition brought their total to 639,503 Bitcoins, with a total value of 5,965 billion yen (approximately €36.72 billion).
But they didn't stop there. Just a few days later, on October 11th, 2024, Metaplanet struck again with another acquisition of 108,999 additional Bitcoins, yes, let's be precise, this time at an average price of 9,174,396 yen per Bitcoin. This latest purchase brings their total to 748,502 Bitcoins.
An Impressive Balance Sheet: 748,502 Bitcoins and Still Growing
With this latest acquisition, Metaplanet now holds 748,502 BTC, a treasure trove that continues to grow. Compared to giants like MicroStrategy (252,220 BTC), Marathon Digital Holdings (26,842 BTC), and Riot Platforms (10,427 BTC), Metaplanet already ranks among the top 30 global Bitcoin-holding companies.
However, it's important to note Metaplanet's strategy. The fact that the yen is strong is a significant advantage for Metaplanet when buying Bitcoin. Here's why: When a national currency is strong, it has more "purchasing power" in international markets. This means that Metaplanet can acquire more Bitcoin for the same amount in yen, or pay less for each BTC in relative terms. In other words, a strong yen allows Metaplanet to maximize its investments and accumulate more BTC at advantageous prices.
With strategic and regular purchases, Metaplanet seems intent on maintaining its leadership position in institutional Bitcoin buying in Japan. Their long-term vision and calculated management of market opportunities make this company a key player in the global Bitcoin ecosystem. This latest purchase will surely not be the last, and the ranking of the largest BTC whales will continue to evolve with the course of the queen of cryptocurrencies.