Japan’s Metaplanet buys 1,234 BTC, now holds more than Tesla

Metaplanet, Japan’s largest firm Bitcoin treasury, announced contiguous that it had purchased an further 1,234 Bitcoin, bringing its full holdings to 12,345 BTC.

The latest acquisition, disclosed successful a filing, puts Metaplanet up of Tesla’s existent Bitcoin stash of 11,509 Bitcoin (BTC).

Metaplanet presently holds the seventh-largest firm Bitcoin treasury, according to BitcoinTreasuries.NET. The institution is besides wrong striking region of Bitcoin mining steadfast CleanSpark, with its 12,502 BTC reserve, conscionable 157 BTC more.

The acquisition was made astatine an mean terms of 15.6 cardinal yen (about $108,000) per coin. At the clip of writing, Bitcoin traded astatine $108,150, having risen by 1.4% implicit the past 24 hours, according to CoinMarketCap.

Source: Metaplanet

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Metaplanet aims for large-scale expansion

Metaplanet has scaled up its Bitcoin buys astatine a accelerated gait recently. The existent announcement follows the company’s Tuesday issuance of a announcement informing investors that its committee of directors has approved an further superior publication of up to $5 billion.

The institution did not disclose however overmuch has been raised truthful acold but said the publication volition “significantly accelerate” the implementation of its alleged “555 Million Plan.”

As portion of its 555 cardinal plan, Metaplanet intends to bargain 201,112 by 2027, astatine a outgo of implicit $21 cardinal astatine existent prices. The institution antecedently announced plans to clasp 100,000 Bitcoin by 2026.

Related: VanEck warns: Why Bitcoin treasury companies could look superior erosion

The fig of Bitcoin treasuries keeps growing

Metaplanet joins a increasing database of companies expanding their Bitcoin holdings. Nakamoto Holdings, a Bitcoin holding company, precocious secured $51.5 cardinal successful capital to get much BTC.

Last week, Parataxis Holdings announced a caller Bitcoin treasury level successful the South Korean market. Also this month, Norwegian crypto steadfast K33 announced plans to raise a minimum of 85 cardinal Swedish krona ($8.9 million) done a caller stock issuance, with plans to get up to 1,000 BTC.

In aboriginal June, Norwegian crypto speech Block Exchange announced its Bitcoin treasury. The company’s banal reacted by jumping by implicit 138% connected the aforesaid day.

French exertion firm The Blockchain Group besides expanded its holdings with an acquisition of 182 BTC for astir $19.6 million. The institution present holds a full of 1,728 BTC according to BitcoinTreasuries.NET.

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