Metaplanet Acquires 10,000 BTC, Becomes Ninth-Largest Public Holder

Metaplanet, a Japanese investment firm, has reached a significant milestone by acquiring 10,000 BTC, surpassing its initial target for 2025. This achievement positions Metaplanet as the ninth-largest publicly traded holder of Bitcoin, overtaking Coinbase Global, which holds 9,267 BTC. The latest purchase of 1,112 BTC, valued at approximately $117.2 million, was made at an average price of $105,435 per Bitcoin. This acquisition brings Metaplanet's total Bitcoin holdings to 10,000 BTC, acquired for around $947 million at an average price of $94,697 per Bitcoin.

Metaplanet's rapid accumulation of Bitcoin aligns with its strategic goals to become a major player in the cryptocurrency market. The company's CEO, Simon Gerovich, announced the milestone on social media, highlighting the firm's impressive Bitcoin yield of 266.1% year-to-date. This achievement comes just two weeks after Metaplanet's previous purchase of 1,088 BTC, which had already positioned the company as the 10th largest public Bitcoin holder.

The acquisition of 10,000 BTC coincides with the approval by Metaplanet's board of directors for the issuance of $210 million in ordinary bonds at a 0% interest rate. These funds will be exclusively directed towards further Bitcoin purchases, supporting the company's ambitious goal to own 1% of the total Bitcoin supply by 2027. Metaplanet has revised its acquisition targets, aiming to hold 30,000 BTC by 2025, 100,000 BTC by 2026, and 210,000 BTC by the end of 2027. To finance these acquisitions, Metaplanet plans to issue 555 million shares, raising $5.4 billion.

Metaplanet's aggressive accumulation of Bitcoin reflects a broader trend among institutional investors embracing Bitcoin as a corporate reserve asset. However, this strategy raises questions about sustainability and potential risks. Concerns have been raised about the use of leverage, which could increase the risk of insolvency, and the potential for market destabilization due to increased centralization. Despite these challenges, Metaplanet's rapid ascent in the Bitcoin market underscores its commitment to becoming a leading player in the cryptocurrency space.