Metaplanet snapped up another 463 Bitcoin on Monday, making it the first public company to capitalize on Bitcoin’s recent 5% dip over the weekend.
The Japanese investment firm bought the Bitcoin (BTC) for 8 billion Japanese yen ($53.7 million) at an average purchasing price of around $115,895, Metaplanet said in a Monday statement.
The purchase brings Metaplanet’s Bitcoin holdings to 17,595 Bitcoin — worth over $2 billion — maintaining its position as the world’s seventh largest corporate Bitcoin holder.
While Metaplanet may be the first public company to announce buying Bitcoin in August, it follows a huge week of corporate crypto buying.
Cointelegraph found that 16 firms collectively added over $7.8 billion worth of crypto to their treasuries in the final week of July.
Inflows into spot US Bitcoin exchange-traded products also performed strongly in July but saw $812.3 million worth of outflows to start August — one of its biggest outflow days in history.
Metaplanet remains focused on Bitcoin goal
Metaplanet’s purchase reflects the firm’s intent to keep accumulating Bitcoin at a pace despite recent macroeconomic indicators suggesting possible challenges ahead.
The Simon Gerovich-led firm is now 8.4% of the way toward achieving its target of 210,000 Bitcoin — equivalent to 1% of the total supply — by the end of 2027.
Metaplanet is following Saylor’s strategy again
On Friday, Metaplanet announced it would issue around $3.73 billion worth of perpetual preferred shares — a financial instrument that has been aggressively used by Michael Saylor’s Strategy to bolster its Bitcoin holdings above 628,700 BTC.
Saylor even referred to one of Strategy’s preferred stock offerings, tickered STRC, as the company’s “iPhone moment” after it raised $2.5 billion worth of funds for the firm.
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Perpetual preferred offerings provide companies like Strategy and Metaplanet long-term capital to fund Bitcoin purchases without diluting their common shares or adding debt.
Metaplanet’s preferred stock will offer up to a 6% annual dividend, depending on market conditions and investor demand.
More public companies enter the Bitcoin stacking race
Metaplanet currently trails Strategy, Mara Holdings, XXI, Bitcoin Standard Treasury Company, Riot Platforms and Trump Media in the Bitcoin accumulation race, according to BitcoinTreasuries.NET data.
Meanwhile, more Bitcoin companies are emerging, with 162 companies holding Bitcoin on their balance sheets — up from 112 on May 26.
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