Metaplanet Overtakes Tesla in Bitcoin Holdings
By: Eva Baxter
Japan-based technology firm Metaplanet has recently made headlines by surpassing Tesla in terms of corporate Bitcoin holdings. With the acquisition of an additional 1,234 BTC valued at approximately $132.7 million, Metaplanet's total Bitcoin reserves now stand at an impressive 12,345 BTC, pushing past Tesla's 11,509 BTC as per recent filings. The move reflects Metaplanet's aggressive expansion strategy in the digital asset market, marking its fourth and largest acquisition this month alone since adopting a Bitcoin treasury strategy in April 2024.
Metaplanet currently ranks as the seventh-largest corporate holder of Bitcoin worldwide. The corporation's strategic plan includes an increased goal to accumulate 30,000 BTC by the end of 2025 and an ambitious 100,000 BTC by 2026. This ambition is backed by substantial financial support, notably a $515 million equity offering supported by EVO FUND, earmarked for further Bitcoin purchases and US operational expansion. Their overarching strategy aims to secure their position as one of the top-tier institutional Bitcoin holders within the global market.
Despite the bullish trajectory of its cryptocurrency assets, Metaplanet's market shares have faced a setback with a decline exceeding 5%, reducing the share price to approximately 1,509 yen ($10.40). This dip forms part of a broader week-long decline of over 15%. However, the company's shares have demonstrated strong recovery over the past month with nearly 60% price appreciation and an extraordinary year-to-date performance of 322%, indicating robust investor confidence in Metaplanet's pivot towards a Bitcoin-focused growth strategy.
As Metaplanet continues to strengthen its Bitcoin holdings, the company remains closely positioned behind Bitcoin mining firms like CleanSpark and Galaxy Digital, which it is poised to overtake with potential further acquisitions. This trend reinforces Metaplanet's dedication to solidifying its standing within the cryptocurrency ecosystem as it eyes substantial growth in its Bitcoin reserves over the coming years.
