Daniel Walker
Metaplanet, Japan’s leading bitcoin treasury company, has strengthened its position in the crypto market with the purchase of 775 BTC worth approximately $93 million. The acquisition was announced Monday by company president Simon Gerovich on X, where he revealed the average purchase price stood at $120,006 per coin.
This latest buy raises Metaplanet’s total bitcoin reserves to 18,888 BTC, acquired at a combined cost of $1.94 billion with an average entry price of $102,653 per BTC. “18,888 BTC. Onward and upward,” Gerovich wrote, signaling the firm’s ongoing bullish stance.
Metaplanet Climbs to Seventh in Global Bitcoin Rankings
Since initiating its bitcoin accumulation strategy in April 2024, Metaplanet has quickly climbed the global leaderboard, now ranking seventh among corporate holders of BTC, according to data from BitcoinTreasuries.
The company’s growing treasury strategy comes alongside robust financial performance. In Q2, revenue hit 1.2 billion yen ($8.4 million), up 41% from the previous quarter, while net income flipped from a ¥5 billion ($34.2 million) loss to an impressive ¥11.1 billion ($75.1 million) profit.
Outlook and Market Sentiment
Despite strong earnings, Metaplanet’s stock dipped 8.6% last Friday, closing at 866 yen, according to Yahoo Finance. Shares regained slight momentum on Monday, edging up 0.6% during midday trading.
Gerovich addressed investor concerns over the pullback, noting:
“It’s natural to feel disappointment during short-term pullbacks. What gives us conviction is the foundation we are building.”
He also emphasized the strength of Metaplanet’s bitcoin income generation business, which has expanded for three consecutive quarters. The recurring income stream, he said, not only supports ongoing accumulation but also provides flexibility for future financing.
Bitcoin Market Update
As Metaplanet doubled down on accumulation, the broader market saw Bitcoin decline 2.1% in the past 24 hours, trading at $115,305 as of 12:10 a.m. ET Monday, according to PRIME’s data.
