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

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As a seasoned analyst with over two decades of experience in the financial markets, I find Metaplanet’s strategic approach to Bitcoin intriguing. The firm’s relentless pursuit of 1000 BTC, following in the footsteps of MicroStrategy, underscores their belief in the long-term potential of this digital asset.

As a forward-thinking crypto investor, I was intrigued by the news on October 10, 2024, when Metaplanet, a renowned Japanese investment firm, announced the acquisition of an additional 108 Bitcoins (BTC). This strategic move boosted their total Bitcoin holdings to a substantial 748 BTC.

Metaplanet Eyes 1000 Bitcoin Target

This month, Metaplanet has made its third Bitcoin purchase. They obtained an extra 108 BTC for approximately $61,659 each, bringing their total to 748.502 BTC. With today’s market values, this amounts to over $46.5 million.

This month, a company based in Tokyo made two Bitcoin purchases: first, they bought 107 BTC for about $7 million on October 1, and second, they purchased another 108 BTC on October 7 for approximately $6.7 million. Moreover, on October 3, Metaplanet gained 23.9 BTC by selling put options and receiving premiums.

On average, Metaplanet spends about $62,500 for each Bitcoin they buy, which is slightly more than the current market price of $61,356. This means that if they were to sell their Bitcoins today, they would incur a loss of roughly $1,200 per Bitcoin.

It appears that Metaplanet does not intend to offload its Bitcoin holdings anytime soon, instead focusing on amassing at least 1,000 Bitcoins according to the statements made by CEO Simon Gerovich during a recent interview.

Following its recent acquisition, Metaplanet now stands as the 17th publicly-traded company with Bitcoin holdings. Yet, it lags approximately 192 Bitcoin behind another Asian titan, Meitu, that currently stores a total of 940 Bitcoin.

Should Metaplanet persist with its ongoing purchasing trend, it could potentially speed up to claim the title of the biggest publicly-listed Asian company in terms of Bitcoin holdings, possibly outranking Hong Kong’s Meitu.

To put it simply, the latest acquisition didn’t significantly affect Metaplanet’s share price right away. However, according to Yahoo Finance, the company’s stock slightly increased by 0.53% on Friday, ending the day at around 955 Japanese Yen, which is roughly equivalent to $6.41 USD.

Even with these challenges, the stock has experienced remarkable increase so far this year, climbing up to a staggering 496% from its initial value.

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

Following In The Footsteps Of MicroStrategy

Just like MicroStrategy, a U.S. business intelligence company, Metaplanet’s approach to Bitcoin is similar. MicroStrategy possesses the most extensive Bitcoin holdings globally – over 252,200 BTC, currently estimated to be worth around $15 billion.

In a recent discussion, Michael Saylor, CEO of MicroStrategy, expressed his bold vision to rebrand MicroStrategy as the premier Bitcoin banking institution. His long-term aim is to transform it into a corporation with a valuation of one trillion dollars.

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.

As an analyst, I’m noticing a growing global interest in amassing Bitcoin. For instance, Semler Scientic, a company listed on Nasdaq, has just acquired 83 Bitcoins, valued around $5 million at the current exchange rate. At this moment, each Bitcoin is trading for approximately $61,356, marking a 1.2% increase over the past day.

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

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2024-10-12 09:44