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Tokyo-listed investment firm Metaplanet is approaching its 1,000 BTC goal following its latest purchase of 106 coins. The October 11 purchase, which saw the company’s stock surge over 15%, brings the firm closer to being Asia’s top Bitcoin holder.
According to a post on X, the latest purchase has brought the company’s total Bitcoin holdings to 748.502. This accompanies the firm’s desire to become Asia’s top crypto holder. Metaplanet Head of Research Peter Chung observed that the company is using a sophisticated approach that goes beyond simple spot purchases to ensure its Bitcoin purchases can generate additional yield.
In its attempt to reach the 1,000 BTC goal the firm aims for, the latest purchase will be the third one in October, bringing its entire value to $46.8 million. Metaplanet bought 107.91 NTC on October 1 for at least $7 million, which yielded a 23.97 BTC premium after they sold 233 BTC put options on October 3. On October 7, the company purchased a further 108.786 BTC for $6.7 million.
Asia’s Top Bitcoin Holder
During the last purchase, Metaplanet stated the average price for its entire Bitcoin collection was ¥9.3 million when Bitcoin was trading at $62,504. When the price of Bitcoin fell to around $60,600 on October 11, the value of its BTC holdings could have dropped marginally by around $1,900 per Bitcoin. Despite the goings-on, by acquiring an additional amount of BTC, the company’s stock performance rose by 15% at the beginning of this week and by around 500% on the year-to-date metrics.
Meanwhile, Metaplanet’s plan to march towards its 1,000 BTC goal through aggressive buying pushes the company towards becoming Asia’s top Bitcoin holder. According to Metaplanet CEO Simon Gerovich, the company is pulling all efforts to ensure it has at least 1,000 BTC reserves. Should everything work according to plan and they achieve their dream, Metaplanet would quickly overtake Hong Kong’s Meitu Inc., which has a 940.9 BTC stash, making it Asia’s largest Bitcoin holder.
Asia’s Answer to MicroStrategy
Experts within the crypto scene believe Metaplanet’s direction could mirror the US-based micro-strategy’s approach. The American-based software company has been aggressively expanding the size of its Bitcoin holdings. MicroStrategy is employing a technically different approach even as it makes Bitcoin one of the core assets in its treasury. When it unveiled its Bitcoin treasury strategy, Metaplanet branded itself as “Asia’s answer to MicroStrategy.”
The firm now joins a group of big companies that have diversified to include crypto assets within their long-term investment plans. Some companies with notable Bitcoin stashes include Tesla, which made a $1.5 billion Bitcoin investment in 2021. Block Inc., formerly Square, has also made Bitcoin an essential part of its long-term strategy after investing $50 million in 202 before adding another $170 million worth of BTC in 2021.
Conclusion
Metaplanet’s strategic shift towards Bitcoin started on May 13, 2024, when the company revealed it would henceforth make Bitcoin its primary store of value. The decision was necessitated by the current economic struggles, which have weakened Japan’s Yen, low interest rates, and enormous government debt.
By employing an aggressive Bitcoin strategy, the investment firm goes beyond simply adding to its Bitcoin stash to transforming its corporate treasury. The Bitcoin-first strategy is seen by experts as superior to fiat and other cryptocurrencies.
The ongoing acquisition of BTC mirrors an emerging trend towards institutional adoption, where crypto is seen as the new gold, a hedge against inflation, and a new form of investment. Apart from Metaplanet, at least 500 other Japanese firms are showing interest in crypto investment, according to a survey conducted by Nomura in June 2024. As Bitcoin ETF surpasses $1 billion in inflows, Metaplanet’s strategy could enhance institutional interest in cryptocurrencies.
