New Metaplanet buy flips Tesla in Bitcoin holdings as shares slide 5%

Japan-based Metaplanet has overtaken Tesla among firm Bitcoin holders pursuing its largest azygous acquisition to date.

On June 26, the steadfast confirmed that it acquired 1,234 BTC for astir $132.7 million, paying an mean of $107,557 per coin.

This brings Metaplanet’s full Bitcoin holdings to 12,345 BTC, present worthy astir $1.33 cardinal based connected existent marketplace prices.

The company’s cumulative concern successful Bitcoin is $1.2 billion, with an mean outgo of $98,407 per BTC. With Bitcoin trading supra $107,700, Metaplanet is presently sitting connected an unrealized nett of implicit $110 million.

Meanwhile, the latest acquisition marks this month’s 4th acquisition and the largest since Metaplanet adopted a Bitcoin treasury strategy successful April 2024.

Metaplanet CEO Simon Gerovich noted that these assertive purchases person helped propulsion Metaplanet up of Tesla, which holds 11,509 BTC.

The Japan-based institution is present ranked the seventh-largest firm Bitcoin holder globally. Meanwhile, marketplace analysts person pointed retired that an further acquisition of 1,000 BTC could determination the steadfast into the 5th spot, overtaking Bitcoin mining firms CleanSpark and Galaxy Digital.

Notably, the latest acquisition comes a fewer weeks aft Metaplanet surpassed its archetypal 2025 extremity of 10,000 BTC. The steadfast has since raised its targets, aiming for 30,000 BTC by the extremity of 2025 and an ambitious 100,000 BTC by 2026.

Backing this expansion, Metaplanet precocious secured $515 cardinal done an equity offering supported by EVO FUND. That capital, similar erstwhile rounds, is earmarked for further Bitcoin purchases.

Earlier this month, the institution unveiled a larger ambition of raising $5.4 cardinal to bargain arsenic overmuch arsenic 210,000 BTC by 2027. A information of this money volition support its US operations, arsenic the steadfast aims to cement its presumption among the apical organization Bitcoin holders worldwide.

Metaplanet banal performance

Despite the bullish trajectory successful crypto holdings, Metaplanet shares slid implicit 5% 1,509 yen (about $10.40), according to Google Finance data. This extends a week-long diminution of much than 15%.

Still, the firm’s broader inclination remains strong.

Over the past month, Metaplanet shares person climbed astir 60%, and year-to-date show shows an awesome summation of 322%, suggesting rising capitalist assurance successful the firm’s Bitcoin-first approach.

The station New Metaplanet bargain flips Tesla successful Bitcoin holdings arsenic shares descent 5% appeared archetypal connected CryptoSlate.