Metaplanet Grows Bitcoin Treasury to 8,888 BTC With New Buy
Metaplanet, a Japanese Bitcoin treasury firm, has purchased 1,088 BTC for approximately $117.3 million, increasing its total holdings to 8,888 BTC at an average price of $93,354, yielding a 10.6% return. Over the past year, Metaplanet achieved a 225% yield on its Bitcoin strategy, aided by a nearly 200% rise in its share price to ¥1,171. The company, listed on the Tokyo Stock Exchange with a market cap of $3.82 billion, has funded its Bitcoin acquisitions through stock and bond sales, raising $651.8 million recently. Analysts note a trend of publicly listed companies adopting Bitcoin treasury strategies, with companies now holding almost 4% of Bitcoin's circulating supply. This institutional interest is expected to drive Bitcoin prices higher and benefit retail investors, although it may make it harder for them to acquire whole Bitcoins. The growing corporate accumulation of Bitcoin is seen as a legitimizing factor for the cryptocurrency market.
