Metaplanet Overtakes Tesla in Bitcoin Holdings
The Japan-based firm Metaplanet has overtaken the electric car maker Tesla in Bitcoin holdings. The company bought another 1,234 BTC, bringing its total to 12,345 BTC. The firm that intends to hold more than 200,000 BTC by 2027 already holds double the number of Bitcoin as Tesla. This shift is a significant milestone for the firm. It also leads to a broader strategic conversion as it redoubles its efforts to be Asia’s largest institutional Bitcoin holder.
From the company announcement, the purchase was made at the average price of 15.6 million yen (around $108,000) for one Bitcoin. Based on the current market value, Metaplanet now possesses more than $1.2 billion in Bitcoin. With this jump, the company is now ranked seventh among corporations globally in terms of Bitcoin holdings. CleanSpark is sixth with 12,502 BTC.
With the latest acquisition, Metaplanet has surpassed Elon Musk‘s Tesla, holding 11,509 BTC. The CEO, Simon Gerovich, took to social media to celebrate this moment as a key step towards creating long-term shareholder value.
Aggressive Growth with the “555 Million Plan”
The ambitious plan of Metaplanet provides for buying 201,112 BTC by 2027 through its “555 Million Plan.” This would mean buying 201,112 BTC at the current price of over $21 billion. Recently, the firm announced that its board had approved a capital raise of up to $5.4 billion for this purpose, including 555 million shares via other instruments.
Metaplanet’s ambition doesn’t stop at Japan. The company is readying itself for U.S. expansion, primarily in Florida, through increased acquisitions by its U.S. subsidiary.
Bitcoin as a Corporate Treasury Asset
Suites across the globe are in an arms race for BTC. In the same wave of activity:
- Nakamoto Holdings received $51.5 million to increase crypto reserves.
- A Norwegian crypto company called K33 is now embarking on funding of 85 million SEK (nearly $8.9 million) to get its hands on up to 1,000 BTC.
- The Blockchain Group of France bought 182 BTC and has a total of 1,728 BTC.
- A Norwegian exchange whose name is Block Exchange disclosed its Bitcoin treasury earlier this month, resulting in a stock price increase of 138% in a day.
Corporate investment in Bitcoin is becoming mainstream, with large tech companies and car manufacturers now adding it to their balance sheets. These moves show corporate Bitcoin adoption and see it as a hedge against inflation.
A New Era for Institutional Bitcoin
Metaplanet is nicknamed “Asia’s MicroStrategy” due to its aggressive accumulation and growth strategy resembling that of MicroStrategy in the United States. With an exponential growth curve, Metaplanet has already accumulated more than 2% of MicroStrategy’s assets.
While Tesla and other tech giants remain cautious, Metaplanet is making strides towards institutional crypto adoption with its clear vision, organized capital, and strong belief in Bitcoin.
