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Metaplanet just bought $108M in Bitcoin — Now it’s bigger than Tesla, Coinbase!
In a significant development, Metaplanet has announced the purchase of a massive $108.1 million worth of Bitcoin. This substantial investment has catapulted the firm to surpass even Tesla and Coinbase in terms of its total holdings.
According to the latest information available, Metaplanet has added an impressive 1,005 new Bitcoins to its existing stash, taking its total count to a staggering 13,350 units. This notable milestone has allowed it to leapfrog both Coinbase and Tesla in the rankings of top Bitcoin treasuries.
It is worth noting that this latest purchase was not Metaplanet’s first significant investment of the month. In fact, June has been a remarkable period for the firm, as it has made five separate purchases, amassing over 5,000 new Bitcoins during this time. This aggressive buying spree has resulted in a staggering 80% increase in its stock price from $7.19 to $13.30.
However, Metaplanet’s ambition does not stop here. The firm has set its sights on an even more ambitious goal of accumulating 30,000 Bitcoin units by the end of the year. This means that it still needs to acquire over 16,000 more Bitcoins, which will require a significant influx of capital.
In a bid to achieve this target, Metaplanet announced yet another major development – a bond sale worth ¥30 billion or approximately $208 million. A portion of these funds will be utilized to settle an existing debt of around ¥1.5 billion (approximately $10M), while the remaining amount will be allocated towards the acquisition of additional Bitcoins.
It is clear that Metaplanet’s aggressive investment strategy has had a profound impact on its stock price, which experienced a 45% monthly increase in June alone.
Source: ambcrypto.com
