Metaplanet buys $112 million worth of bitcoin; total holdings reach 20,000 BTC
The Block
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Japan's leading bitcoin treasury firm Metaplanet announced its latest purchase of 1,009 BTC for 16.48 billion Japanese yen ($112 million). Its total holdings reached 20,000 BTC, the company noted.
According to its Monday disclosure, Metaplanet acquired the latest batch of bitcoin at an average price of around $111,068 per cryptocurrency.
With Monday's announcement, Metaplanet has become the sixth largest public bitcoin treasury company in the world, likely surpassing Riot Platforms, according to Bitcointreasuries.net data.
The event of Metaplanet's bitcoin holdings hitting 20,000 BTC came less than three months after the company announced having accumulated 10,000 BTC. Earlier this year, Metaplanet revised its year-end target to 30,000 BTC from its initial goal of 10,000 BTC.
Last week, Metaplanet said it plans to raise 130 billion yen (about $880 million) through an international share offering and spend most of the proceeds buying bitcoin over the next two months.
Metaplanet CEO Simon Gerovich previously said that it may borrow against its bitcoin holdings to buy cash-generating businesses in the future.
Metaplanet's stock fell 2.62% on Monday morning in Japan with markets still open, according to Yahoo Finance data. The Block's MTPLF price page shows that the company's U.S.-listed stock closed last Friday up 0.83% at $6.11.
Meanwhile, bitcoin is down 1.53% in the past 24 hours at $107,605, according to The Block's bitcoin price page.
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The Block
