Japanese company Metaplanet has solidified its position as a major player in the corporate Bitcoin (BTC) accumulation race by adding another 1,005 BTC to its treasury. Furthermore, an additional 1005 BTC is planned for later acquisitions. This latest purchase brings the company’s total holdings to an impressive 13,350 BTC. It surpasses its initial goal of acquiring 10,000 BTC for the entire year by the end of H1.
The acquisition spree gained momentum in June, featuring a significant buy of 1005 BTC. Metaplanet completed four rounds of purchases. These efforts have propelled the company to rank seventh among top corporate Bitcoin treasuries. They even surpassed Tesla’s passive holdings, which have seen no new inflows for months.
Aggressive Purchases Drive Average Cost to $96,121 per BTC
Metaplanet’s latest BTC purchase was executed at $107,923 per BTC, bringing the company’s average acquisition cost to $96,121 per BTC. If the buying trend continues, this figure is expected to rise further, especially after the notable 1005 BTC purchase.
The aggressive accumulation strategy has also bolstered Metaplanet’s stock performance. Following the announcement, the company’s stock (MTPLF) surged by 9.87% in a single day, trading at 1,640 JPY ($11.39). Although slightly down from recent peaks above $13, MTPLF remains close to its all-time high, reflecting strong investor confidence.
Pressure on Short Sellers Amid Founder’s Bullish Outlook
The rapid pace of BTC acquisitions, inclusive of frequent 1005 BTC purchases, has created significant pressure for short sellers. Notably, Citigroup Global shorted Metaplanet when its shares were trading in the $3-$4 range. This occurred just before the company embarked on its most aggressive buying streak.
Adding fuel to the bullish sentiment, Metaplanet’s founder, Simon Gerovich, took to social media to assure investors of more BTC purchases in the near future. His message aligns with the company’s recent pattern of frequent acquisitions. These are often timed similarly to those of Strategy (MSTR), another leading corporate Bitcoin buyer.
Despite the positive developments, Metaplanet’s shares experienced some stagnation in the past month. However, the consistent pace of 1005 BTC purchases suggests renewed momentum for both the company’s treasury and stock price.
Refinancing Debt: Metaplanet Issues New Bonds to Cancel Previous Obligations
In addition to financing its BTC purchases, Metaplanet is actively managing its debt to improve its balance sheet. Alongside the latest BTC acquisition, the company issued Series 19 of its ordinary bonds. These are valued at $21 million, with a redemption date set for December 29, 2025.
This new bond series is fully subscribed by Evo Fund, a tier-4 venture capital firm specializing in portfolio management. Evo Fund has supported Metaplanet on multiple occasions, including through previous bond issues and stock acquisition rights programs.
The proceeds from Series 19 will be used to cancel Series 3 guaranteed bonds. These were interest-bearing and secured by collateral. In contrast, the new bonds are non-interest-bearing and unsecured. This reflects improved financial health and reduced risk for the company.
Evo Fund’s Role in Fueling Metaplanet’s Growth
Evo Fund has played a pivotal role in Metaplanet’s expansion by providing substantial financial backing through various mechanisms. The fund currently holds a 555 million share program. This potentially enables Metaplanet to raise up to $5.5 billion for additional BTC acquisitions.
While Evo Fund has yet to exercise its stock purchasing options, the potential influx of capital could significantly enhance Metaplanet’s purchasing power. By the end of the year, analysts predict that Metaplanet’s treasury could exceed 63,000 BTC. This is fueled partly by aggressive 1005 BTC buys, positioning it as the second-largest corporate BTC holder behind Strategy.
Bitcoin Rally Sparks Optimism for Future Gains
Following Metaplanet’s latest announcement, Bitcoin staged an early-week rally, climbing to $108,268. The upward movement reignited hopes for another all-time high, driven by expectations of continued corporate demand for BTC.
As Metaplanet and other companies accelerate their Bitcoin accumulation strategies, including purchasing in increments of 1005 BTC, the cryptocurrency market appears poised for further growth. With Evo Fund’s backing and a clear roadmap for expansion, Metaplanet is well-positioned to capitalize on the bullish momentum.
Conclusion
Metaplanet’s aggressive Bitcoin accumulation strategy of 1005 BTC acquisition underscores its commitment to becoming a dominant force in the corporate BTC space. By surpassing Tesla’s holdings and ranking among the top treasuries, the company has demonstrated its ability to execute bold financial maneuvers. It manages debt effectively in this process.
With Evo Fund’s support and Simon Gerovich’s bullish outlook, Metaplanet is on track to achieve its ambitious goals. As Bitcoin continues to rally, the company’s stock and treasury growth following recent 1005 BTC buys may present lucrative opportunities for investors. Keep an eye on Metaplanet as it cements its place in the evolving landscape of corporate Bitcoin adoption.
