Market News

Metaplanet Makes a Bold Move: Surpassing Coinbase with 10,000 BTC Holdings

In a significant development for the cryptocurrency market, Japanese investment firm Metaplanet Inc. has officially surpassed Coinbase in Bitcoin holdings by acquiring 1,112 BTC for approximately $117.2 million.

This purchase boosts Metaplanet's total Bitcoin assets to 10,000 BTC, positioning it as the seventh-largest corporate holder of Bitcoin globally.

CEO Simon Gerovich announced the average purchase price at $105,435 per Bitcoin, reflecting a strong bullish sentiment in the market.

Metaplanet plans to utilize proceeds from a fresh $210 million bond issuance to further bolster its Bitcoin strategy.

With a goal of attaining 210,000 BTC by the end of 2027, they aim to secure 1% of the total Bitcoin supply, paralleling MicroStrategy's ambitious model.

Market reaction has been overwhelmingly positive, with Metaplanet's stock surging over 25% following the news of their latest acquisition.

Such aggressive accumulation strategies highlight a growing trend among corporations recognizing Bitcoin as a viable treasury asset.

Comparatively, MicroStrategy remains the leader in Bitcoin holdings, possessing over 580,000 BTC, yet Metaplanet's swift growth indicates heightened competition in the corporate crypto landscape.

This move underlines the significance of corporate interest in Bitcoin, suggesting a shift toward institutional adoption of digital assets.

As Metaplanet continues its Bitcoin journey, it sets a precedent for other companies considering similar investment paths.