Metaplanet Overtakes Bullish As Fifth-Largest Bitcoin Treasury After Biggest BTC Buy

Bitcoin treasury firm Metaplanet has leapfrogged Bullish to become the fifth-largest corporate holder of BTC after making its biggest purchase yet.

The Japan-based company snapped up 5,419 BTC for about $632.5 million, CEO Simon Gerovich said in a post on X today.

The acquisition brings Metaplanet’s total holdings to 25,555 BTC, worth roughly $2.9 billion, according to BitcoinTreasuries.net.

That takes it past Bullish, which holds 24,300 BTC, as the fifth-largest Bitcoin treasury firm.

Metaplanet’s overall stash was acquired at an average cost of $106,065 per coin, with latest tranche bought at a higher $116,724 average, Gerovich said

More Bitcoin Buying To Come

Meanwhile, the firm’s head of Bitcoin strategy, Dylan LeClair, said that the recent purchase represents “just the first tranche,” after Metaplanet recently raised $1.4 billion to continue expanding its holdings.

Just last week, Metaplanet’s board approved a new US subsidiary, Metaplanet Income Corp, as a means to scale a growing BTC income generation line focused on derivatives and related activities.

Bitcoin Treasury Companies Buy The Dip

The BTC price has dropped 2.4% in the last 24 hours to trade at $112,974 as of 7:17 a.m. EST, with trading volume skyrocketing 157% to $50 billion.

Despite the fall, Bitcoin treasury companies continue to buy, with Capital B (ALCPB), the 27th-largest corporate holder, acquiring 551 BTC for $64.29 million at an average price of $116,672.

That brings its total BTC reserves to 2,800 BTC tokens.

Meanwhile, Strategy’s Michael Saylor has hinted at another purchase by posting the total Bitcoin holdings of his company, which stand at 638,985 BTC, on X.

Spot BTC ETFs (exchange-traded funds) also have recorded two consecutive days of positive inflows, indicating many investors are still willing to buy the dip.