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Metaplanet Snaps Up 797 More BTC in Aggressive Bitcoin Gold Rush
Japanese investment firm Metaplanet has made a significant move in the Bitcoin market, purchasing an additional 797 Bitcoin (BTC) for approximately $93 million. This acquisition brings their total holdings to 16,352 BTC, worth around $1.64 billion.
The aggressive expansion of Metaplanet’s Bitcoin portfolio comes as no surprise, given the company’s ambitious goal to control over 210,000 BTC by 2027. This target represents about 1% of the total Bitcoin supply. The firm’s strategy is focused on accumulating a substantial amount of cryptocurrency to achieve “escape velocity” and maintain a lead over competitors.
Metaplanet’s latest purchase has placed them as the world’s fifth-largest publicly traded corporate BTC holder, according to data shared by BitcoinTreasuries. This rapid accumulation is part of Metaplanet’s plan to leverage its growing Bitcoin reserves for financial gain. The company aims to utilize the cryptocurrency as collateral to access financing opportunities, similar to how securities or government bonds are used.
The investment firm’s strategy has been accelerated amid rising institutional interest in crypto assets. The decision not to issue convertible debt to fund growth is a deliberate choice, as Metaplanet prefers preferred shares to avoid repayment tied to volatile share prices.
It appears that Metaplanet is on a mission to capitalize on the current market conditions and strengthen its position within the Bitcoin market.
Source: cryptopotato.com
