Metaplanet Acquires 1,005 BTC Worth $108 Million Amid Institutional Demand
Metaplanet, a leading corporate investor in Bitcoin, acquired 1,005 BTC for approximately $108 million in June, at an average price of $107,601 per Bitcoin. This acquisition increased its total holdings to 13,350 BTC, valued around $1.4 billion.
- CEO Simon Gerovich confirmed the purchase on June 30.
- Metaplanet now ranks as the fifth-largest publicly listed corporate Bitcoin holder, surpassing Galaxy Digital and CleanSpark.
- The company's stock rose by 9.9% following the announcement, with year-to-date gains reaching 370%.
This acquisition aligns with a broader trend of institutional and corporate Bitcoin purchases. Recent buyers include Cardone Capital and Panther Metals. However, long-term holders are reportedly selling into this demand since the launch of spot Bitcoin ETFs in January 2024.
- Charles Edwards from Capriole Investments noted that long-term holders have sold substantial amounts while new holders are absorbing these sales.
- There is potential for a "huge flywheel buying frenzy" due to increasing corporate treasuries.
Michael Saylor's firm hinted at another Bitcoin purchase, marking an ongoing accumulation strategy. His predictions suggest Bitcoin could reach $21 million in 21 years. Currently, Bitcoin trades above $108,000, with a market cap of $2.15 trillion, despite struggling to exceed its recent all-time high of $112,000.