Metaplanet Boosts Bitcoin Holdings 10% to 11,111 BTC

Japan’s Metaplanet has recently made headlines with its latest acquisition of 1,111 Bitcoin (BTC), valued at $118 million. This purchase has significantly boosted the company's total Bitcoin holdings to 11,111 BTC, acquired at an average price of $95,869 per coin, bringing the total investment in Bitcoin to $1.07 billion. This strategic move positions Metaplanet as the eighth-largest corporate holder of Bitcoin globally, surpassing Bitcoin miner Hut 8's treasury of 10,273 BTC. Metaplanet's Bitcoin stash is now within striking distance of Tesla's current Bitcoin holdings of 11,509 BTC, trailing by just 398 BTC. Given Metaplanet's consistent accumulation strategy, it is possible that the company could surpass Tesla's holdings before the end of the month.

Metaplanet's approach to Bitcoin investment mirrors that of Michael Saylor's strategy, positioning itself as a publicly traded proxy for Bitcoin exposure in Asia. The company has set ambitious goals for its Bitcoin holdings, aiming to accumulate 100,000 BTC by the end of 2026 and 210,000 BTC, or roughly 1% of the total Bitcoin supply, by 2027. To achieve the 100,000 BTC target, Metaplanet will need to acquire approximately 89,000 additional coins over the next 18 months. Currently, the company is 11% away from its 100,000 BTC goal and 36% toward its nearer-term target of 30,000 BTC by the end of the year.

Despite the significant investment in Bitcoin, Metaplanet faces challenges as it is reportedly among the most shorted stocks in Japan. Analysts at 10x Research suggested in May that the company's valuation implied a BTC price of over $596,000, more than five times the current levels. In response, Metaplanet's CEO, Simon Gerovich, questioned the strategy of betting against Bitcoin, highlighting the company's confidence in its investment approach.