Metaplanet Becomes 4th-Largest Bitcoin Treasury Firm After $616 Million BTC Buy
Japan-based Metaplanet has become the fourth-largest Bitcoin treasury firm globally after purchasing another 5,268 BTC for approximately $615.7 million.
In an X post earlier today, CEO Simon Gerovich announced the purchase, adding that the buy has boosted Metaplanet’s reserves to 30,823 BTC.
Those holdings were acquired for around $3.33 billion at an average price of $107,912 per BTC, he said.
Metaplanet Climbs The Crypto Treasury Ranks
Metaplanet has now overtaken Bitcoin Standard Treasury Company in the BTC treasury rankings.
That comes just over a week after the firm overtook the Peter Thiel-backed crypto exchange Bullish, with its holdings of 24,300 BTC, to enter the list of the top five Bitcoin treasury companies in the world.
Metaplanet still has a fair way to go to catch up to the current leader, Michael Saylor’s Strategy, with its 640,031 Bitcoins. Strategy also announced a fresh Bitcoin purchase this week, but only for around $22 million.
Top ten corporate BTC holders (Source: Bitcoin Treasuries)
Metaplanet will likely continue its BTC accumulation in the next few weeks following a successful $1.4 billion offering to overseas investors.
In regulatory filings, the company said that it would use the proceeds to buy more BTC between September and October.
In response to a question about why Metaplanet is not being more aggressive with the proceeds, Gerovich said on X that the window is not a hard constraint on the company’s execution timeline.
“Our actual approach prioritizes speed while being thoughtful about market impact,” he wrote, adding that dumping all of the proceeds into the market in a day “would be irresponsible.”
Metaplanet’s Bitcoin Division Posts Major Growth
In addition to climbing the BTC treasury ranks, Metaplanet’s Bitcoin Income Generation division has also posted strong quarterly growth.
In a follow-up X post, Gerovich said that the division achieved revenue of $16.75 million in the third quarter, representing, an 115.7% increase compared to Q2..
Following the strong Q3 performance, Metaplanet has revised its full-year revenue forecast to $46 million. It has also raised its operating profit guidance to $31 million.
“Q3 results demonstrate operational scalability and strengthen the financial foundation for our planned Metaplanet preferred share issuance, which supports our broader Bitcoin Treasury strategy,” Gerovich wrote on X.
As part of that broader Bitcoin treasury strategy, Metaplanet has also launched three new subsidiaries, Metaplanet Income Corp. in the US, along with Bitcoin Japan Inc. and Bitcoin Japan Co., Ltd.
The goal behind the new subsidiaries is to broaden Metaplanet’s reach in the crypto asset sector
Metaplanet Shares Slumped More Than 10%
News of Metaplanet’s latest BTC purchase broke after Japan’s markets closed on a day when its stock price slumped more than 10%, according to Google Finance.
Metaplanet share price (Source: Google Finance)
The stock has plummeted 37% in the past month amid concerns over the sustainability of crypto treasury strategies.
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