Metaplanet Boosts Bitcoin Holdings with Major Purchase, Eyes 21,000 BTC Goal
Metaplanet, a Japanese company focused on accumulating Bitcoin, has made a significant move by purchasing an additional 150 BTC, worth approximately $12.6 million.
With this purchase, the company is advancing towards its target of acquiring 21,000 BTC by 2026. This latest acquisition boosts Metaplanet’s total Bitcoin holdings to 3,200 BTC, valued at around $261.8 million.
Despite the rise in Bitcoin holdings, Metaplanet’s stock price has shown some volatility. While a similar purchase in early March led to a 19% jump in its stock, the price dropped slightly by 0.5% following the March 18 purchase. Metaplanet’s use of shares to fund its Bitcoin strategy has gained attention, drawing comparisons to MicroStrategy’s approach. Since it started acquiring Bitcoin, the company has seen its stock price skyrocket by over 4,800%, even though it has since seen a 34% decline from its February high.
READ MORE: ECB Official Warns U.S. Crypto Policies Could Threaten Global Financial Stability
In terms of performance, Metaplanet’s Bitcoin yield has slowed down, now sitting at 60.8% for the quarter, significantly lower than the previous quarter’s impressive 310% growth. However, its ongoing strategy has made Metaplanet the largest corporate Bitcoin holder in Asia, and the 11th largest globally, according to Bitgo’s data.
Metaplanet’s success coincides with a shift in Japan’s stance on digital assets. The Japanese government has been increasingly supportive of cryptocurrencies, reducing capital gains taxes on crypto and discussing potential strategies for national Bitcoin reserves. As the company’s influence grows, it continues to capture investor interest, with a remarkable increase in its shareholder base and market capitalization. The company’s ambitious goals and the changing regulatory landscape in Japan suggest that Metaplanet could play a pivotal role in shaping the future of Bitcoin treasury management.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
