Metaplanet Joins Top 30 Corporate Bitcoin Holders With $1.59M Acquisition

By: Isha Das

Metaplanet, the Japanese public company offering hospitality and technology services, has made headlines by joining the ranks of the top 30 corporate holders of Bitcoin. The company announced on June 11 the purchase of 23.25 Bitcoin for ¥250 million ($1.59 million), which averages ¥10,706,180 ($69,627) per Bitcoin. This recent acquisition brings Metaplanet's total Bitcoin holdings to 141.07 BTC, procured at an overall amount of ¥1.45 billion ($9.2 million).

This purchase is Metaplanet's third in just three months. Initially, the company bought 97.85 Bitcoin in April and followed that with a purchase of 19.87 BTC in May. This steady increase in Bitcoin holdings emphasizes the company's strategic move to diversify its treasury assets amid rising economic pressure.

Notably, Metaplanet is the first publicly traded company on the Tokyo Stock Exchange to invest in Bitcoin, and the move has positively influenced its stock price. According to data from Google Finance, Metaplanet's stock experienced a 10% surge, reaching ¥89 following the announcement of its latest acquisition.

Bitcoin’s Institutional Adoption

Metaplanet's recent moves are in line with a broader trend of institutional adoption of Bitcoin. Companies like Semler Scientific and DeFi Technologies have also been acquiring significant amounts of Bitcoin as a hedge against inflation and as protection against monetary debasement. Recently, these companies collectively acquired almost 1,000 BTC.

According to Chris Kuiper, Director of Research at Fidelity Digital Assets, small and microcap companies are likely to be the first to adopt Bitcoin, much as certain countries have done. He remarked that these firms are highly invested in their efforts and their adoption reflects a significant gap in value. Kuiper also noted the unanimous language in these companies' press releases, highlighting Bitcoin's role as an inflation hedge and a form of protection against monetary debasement.

However, these acquisitions are dwarfed by the holdings of MicroStrategy, which is led by Michael Saylor. MicroStrategy remains the largest corporate holder of Bitcoin, possessing more than 210,000 BTC, which is equivalent to over 1% of Bitcoin's total circulating supply.