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bitcoin

Japan’s Metaplanet Scoops Another 108 Bitcoin, Inches Closer To 1000 BTC Target

Ash Tiwari
by Ash Tiwari
10 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On October 10, 2024, Japanese investment firm Metaplanet added another 108 Bitcoin (BTC) to its reserves, bringing its total holdings to over 748 BTC.

Metaplanet Eyes 1000 Bitcoin Target

In its third purchase of October, Metaplanet acquired an additional 108 BTC at an average price of $61,659. The firm’s total reserves now stand at 748.502 BTC, valued at over $46.5 million at current market prices.

Related Reading: 22 And Counting: Japanese Firm Buys More Bitcoin, Shows No Signs of Stopping

Earlier this month, the Tokyo-based firm purchased 107 BTC on October 1 for roughly $7 million, followed by another acquisition of 108 BTC on October 7 for $6.7 million. Additionally, on October 3, Metaplanet earned 23.9 BTC by selling put options and collecting premiums.

Metaplanet’s overall average buying price for BTC is around $62,500, higher than the current market price of $61,356. As a result, if the firm were to liquidate its holdings today, it would record a loss of approximately $1,200 per BTC.

However, it seems that Metaplanet has no plans to sell its Bitcoin soon. The firm aims to accumulate at least 1,000 BTC, as confirmed by CEO Simon Gerovich in a recent interview.

With the latest purchase, Metaplanet is ranked 17th among public companies holding BTC. However, it remains 192 BTC behind another Asian giant, Meitu, which holds 940 BTC in its reserves.

If Metaplanet continues its current buying spree, it may not be long before it becomes the largest Asian publicly-traded company by Bitcoin reserves, surpassing Hong Kong-based Meitu.

That said, the recent purchase had little immediate impact on Metaplanet’s stock price. Yahoo Finance said its stock rose a modest 0.53% on Friday, closing at 955 Yen, or approximately $6.41.

Despite this, the stock has seen significant growth year-to-date (YTD), surging by as much as 496% since the start of the year.

metaplanet
Source: Google Finance

Following In The Footsteps Of MicroStrategy

Metaplanet’s Bitcoin strategy mirrors that of US-based business intelligence firm MicroStrategy, which holds the largest Bitcoin reserves in the world – more than 252,200 BTC, currently valued at just over $15 billion.

Related Reading: MicroStrategy’s Bitcoin Ambitions: $700 Million Fundraise For Further Acquisitions

In a recent interview, MicroStrategy CEO Micheal Saylor shared his ambitious goal to “transform MicroStrategy into the leading Bitcoin bank,” and ultimately, a trillion-dollar company. Saylor added:

This is the most valuable asset in the world. The endgame is to be the leading bitcoin bank, or merchant bank, or you could call it a bitcoin finance company. If we end up with $20bn of converts, $20bn of preferred stock, $10bn of debt and say $50bn billion of some kind of debt instrument and structures instrument, we’ll have $100-$150bn of bitcoin.

The race to accumulate Bitcoin is gaining traction worldwide. Recently, Nasdaq-listed Semler Scientific announced the purchase of 83 BTC, worth approximately $5 million. As of press time, BTC is trading at $61,356, up 1.2% in the last 24 hours.

bitcoin
BTC trades at $61,536 on the weekly chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Charts from Google Finance and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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