Metaplanet’s Bitcoin Reserves Top 10,000 BTC, Overtaking Coinbase and Block Inc
Metaplanet Overtakes Coinbase and Block as 7th Largest Bitcoin Holder, Secures 266% YTD Return Amid Rising Geopolitical Tensions.
Key Takeaways:
- Metaplanet becomes the 7th largest Bitcoin holder, surpassing Coinbase and Jack Dorsey's Block.
- The Tokyo-based company has achieved a 266.1% year-to-date return on its Bitcoin investment.
- Despite rising Israel-Iran tensions, institutional demand remains strong as Strategy and Bitcoin ETFs continue to signal market confidence.
On June 16, Tokyo-based Metaplanet reached a major milestone in corporate Bitcoin adoption.
The company added 1,112 Bitcoins, worth approximately $117.2 million, to its balance sheet, marking one of its largest single purchases to date.
Simon Gerovich, the CEO of Metaplanet, shared that the company’s latest Bitcoin purchase was completed at an average price of $105,435 per coin. This latest move pushed the company’s total Bitcoin holdings to exactly 10,000 BTC.
Metaplanet now holds more Bitcoin than two major industry players. According to Bitcointreasuries.net, the company's 10,000 BTC surpasses those of Coinbase (9,267 BTC) and Block (8,584 BTC). This positions Metaplanet among the top corporate holders of Bitcoin worldwide.
200,000 BTC in 18 Months: The Impossible Crypto Challenge
Metaplanet has invested roughly $947 million to build its Bitcoin position, paying an average of $94,697 per coin. Since January, the value of its holdings has surged 266.1%, far outpacing Bitcoin’s own price growth.
The market reacted strongly to its latest purchase. After announcing the 1,112 BTC addition, Metaplanet’s stock jumped 25.58% in a single day, hitting 1,895 yen per share. Since the start of 2024, the stock has skyrocketed 430%, showing how investors see Bitcoin as a key driver of the company’s value.
But Metaplanet isn’t slowing down. Earlier this month, it unveiled an ambitious $5.4 billion capital raise ( ¥770.9 billion) to buy even more Bitcoin
The company plans to raise around ¥770.9 billion, approximately $5.4 billion. The funds will be raised by issuing 555 million new shares using a “moving strike warrant” structure.
A warrant is a financial tool that gives investors the right to buy company shares in the future, usually at a fixed price. A moving strike warrant is more flexible. Instead of fixing the price at the start, it adjusts based on the market price of the stock.
With the new capital, Metaplanet plans to expand its Bitcoin holdings significantly. The company has set a target to hold 210,000 BTC by the end of 2027.
With this move, Metaplanet aims to hold 210,000 BTC by 2027. That means it must buy 200,000 more Bitcoins in just 18 months, an unprecedented pace for a public company.
History Says Bitcoin Should Drop. This Time, It’s Different
The Middle East is heating up again. For the fourth straight day, tensions between Israel and Iran have escalated, raising fears of a wider conflict.
In the past, geopolitical crises like this hurt Bitcoin. During the U.S.-China trade war, prices plunged. Institutional buyers hesitated. The market stalled.
So, will history repeat itself? Not this time.
Bitcoin did fall briefly.
On June 10, the price reached $110,000. Three days later, it dropped to $103,000. But the dip didn’t last long. At press time, BTC is back up to $107,000, rising 1.53% in the last 24 hours.
Behind the scenes, institutional demand is holding strong.
Metaplanet’s latest purchase of 1,112 Bitcoin added to its growing stash and now ranks as the 7th-largest corporate Bitcoin holder globally.
Strategy, the largest corporate holder of Bitcoin, is also showing strong interest. On June 15, co-founder Michael Saylor posted a chart of Bitcoin’s price. Many saw this as a signal that Strategy plans to make a larger purchase.
On June 9, the company purchased 1,045 BTC, valued at approximately $110 million. That brought its total holdings to a staggering 582,000 BTC.
Meanwhile, Bitcoin exchange-traded funds (ETFs) have been experiencing rapid growth. Despite global tensions, they saw five straight days of inflows this week.
According to data from Farside Investors, over $1.3 billion in capital flowed into BTC ETFs.
Market sentiment remains firmly positive, with the Crypto Fear & Greed Index holding at 61, squarely in “greed” territory despite global uncertainties.
Jimmy Aki
Drawing from his background in economics, Jimmy has monitored blockchain development for years, firmly believing in its power to democratise finance. Beyond offering commentary on the latest crypto developments, he also spends his time analysing open-source codes of promising projects on GitHub. Jimmy holds Bitcoin and Ethereum.
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