Metaplanet Acquires $112 Million in Bitcoin

Metaplanet, Japan's leading bitcoin treasury firm, recently announced its acquisition of 1,009 BTC valued at 16.48 billion Japanese yen (approximately $112 million), bringing its total bitcoin holdings to 20,000 BTC. According to a disclosure made on Monday, the average purchase price for this batch was about $111,068 per bitcoin. This latest acquisition positions Metaplanet as the sixth largest public bitcoin treasury company globally, overtaking Riot Platforms, based on data from Bitcointreasuries.net. The milestone of reaching 20,000 BTC comes less than three months after the firm reported reaching 10,000 BTC. Earlier this year, Metaplanet adjusted its year-end target from 10,000 to 30,000 BTC. Moreover, Metaplanet plans to raise 130 billion yen (around $880 million) through an international share offering and intends to devote most of the proceeds to purchasing additional bitcoin in the upcoming months. CEO Simon Gerovich has indicated that the company may consider leveraging its bitcoin holdings to acquire cash-generating businesses in the future. On Monday morning in Japan, Metaplanet's stock saw a decrease of 2.62%, with markets still open. According to Yahoo Finance, the company's U.S.-listed stock closed last Friday up 0.83% at $6.11. In contrast, bitcoin's value declined by 1.53% over the past 24 hours, currently priced at $107,605. Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is a major investor in The Block, which operates independently to offer objective information about the crypto industry. This article is for informational purposes only and should not be considered financial advice.