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Metaplanet has made a significant move in the cryptocurrency market by purchasing $108 million worth of Bitcoin. This massive investment has catapulted the firm to a position where it is now larger than both Tesla and Coinbase.
According to recent reports, Metaplanet announced that it had acquired an additional 1,005 BTC, increasing its overall holdings to a staggering 13,350 BTC. This move has allowed it to surpass the treasuries of Coinbase (9,267 BTC) and Tesla (11,509 BTC).
This massive investment is not just a one-off event; in fact, Metaplanet has made five separate purchases in June alone, amounting to over 5,000 BTC. This aggressive buying spree has seen its total holdings grow significantly.
Despite this impressive growth, Metaplanet still remains nearly 50% away from its ambitious target of holding 30,000 BTC by the end of 2025. To fund this endeavor, the firm has announced a new bond sale worth approximately $208 million (30 billion JPY). A portion of these funds will be used to settle a previous debt of around $10 million, with the remaining amount being allocated towards further Bitcoin purchases.
It is also worth noting that Metaplanet’s decision did not go unnoticed by investors. The firm’s stock surged 10% following this announcement, indicating strong support from the market.
Source: ambcrypto.com
