Key Takeaways
- Metaplanet now holds 12,345 BTC, surpassing Tesla as the 7th largest corporate bitcoin holder.
- The company funded its latest purchase through a record-setting $515 million equity raise, not debt.
- Metaplanet aims to acquire up to 210,000 BTC by 2027, with bitcoin price up 74% since June 2024.
Japanese investment firm Metaplanet has overtaken Tesla as the 7th largest corporate bitcoin holder worldwide after acquiring 1,234 BTC, bringing its total to 12,345 BTC valued at approximately $1.33 billion.
This purchase, costing the company about $132.7 million at an average of $107,557 per bitcoin, pushed it past Tesla’s 11,509 BTC and marks a significant milestone in the firm’s bitcoin treasury strategy.
Metaplanet CEO Simon Gerovich announced the achievement and reiterated the company’s commitment to its bitcoin-focused approach. He stated:
“We just climbed past Tesla on the BTC leaderboard. Bolder. Faster. Harder.”
Last two weeks
In just two weeks, Metaplanet rose from 10th to 7th place among corporate holders, surpassing companies like Coinbase, Block Inc., and Hut 8.
The firm, once a budget hotel chain, has transformed into a bitcoin investment company, inspired by Michael Saylor’s Strategy, which leads with over 590,000 BTC.
Unlike Strategy, Metaplanet has not used debt to buy bitcoin, instead funding purchases through equity sales.
A recent ¥74.9 billion ($515 million) equity raise, backed by institutional investors, marked the largest single-day equity-based bitcoin treasury event ever recorded (details on Metaplanet’s BTC holdings).
Metaplanet has ambitious targets: 30,000 BTC by end of 2025, 100,000 by 2026, and 210,000 by 2027.
The company’s bitcoin buying spree has coincided with a 74% rise in bitcoin price since June 2024 (track bitcoin price history).
Stock volatility and market reaction
Metaplanet’s stock, after dropping 25% from its recent high, has stabilized as trading volume hit $840 million daily. While some hedge funds have shorted the stock over dilution concerns, others see the non-debt approach as reducing long-term risk.
