Metaplanet Adds 797 BTC to Treasury, Surpasses Galaxy Digital

Metaplanet, a Japanese Bitcoin treasury company, continued its weekly Bitcoin (BTC) purchases despite the cryptocurrency reaching new all-time highs. The company added 797 BTC to its treasury, bringing its total holdings to 16,352 BTC. This acquisition places Metaplanet as the fifth-largest treasury holder, surpassing Galaxy Digital. The latest purchase was significantly larger than the previous addition of 116 BTC, demonstrating Metaplanet's strategy of consistent buying regardless of market conditions.

Metaplanet's approach mirrors that of MicroStrategy, focusing on regular, transparent purchases. Most of Metaplanet's BTC holdings are stored in a single known address containing 15,555 BTC. For the latest purchases, Metaplanet utilized the BitFlyer exchange, along with direct deposits from Coinbase Prime and acquisitions from QCP Capital. The company's strategy involves buying BTC at any price, with the latest purchase averaging $117,451 per BTC. This increased Metaplanet's average acquisition price to $100,191 per BTC, providing a buffer as BTC prices surged above $122,000.

Metaplanet's shares, trading under the ticker MTPLF, have held near their six-month high but have experienced a slide over the past month. The company's CEO, Simon Gerovich, noted that international investors, particularly those in the EU, are showing interest in Metaplanet. This interest follows a recent presentation to potential buyers in Europe, where Gerovich met with top asset managers and capital allocators. Despite the recent stock consolidation, MTPLF is expected to rally based on the momentum of BTC.

Treasury companies, including Metaplanet, are playing a significant role in defining market moves. Collectively, these companies hold 3.5 million BTC, all in profit as of July. Corporate buyers are absorbing all newly mined supply and seeking additional BTC reserves. Metaplanet alone acquires the equivalent of 32% of the daily mining supply. Corporate buyers now hold around 3.67% of the overall BTC supply, with state governments holding 2.52%. Shrimp wallets, which contain smaller amounts of BTC, still hold around 4.9% of the supply. However, corporate purchases are increasingly driving market dynamics, with ETFs being the most active buyers but also the most likely to sell during market shifts.

Retail buyers, while still holding, are less active near market peaks. In contrast, treasury companies like Metaplanet are willing buyers, leveraging traditional market conditions to boost their BTC holdings. Metaplanet's open market buying strategy, along with other treasuries tapping existing whales for OTC deals, contributes to the perceived scarcity of BTC as more coins are taken off the market. This activity underscores the growing influence of corporate buyers in shaping the BTC market landscape.