Metaplanet scooped up 463 Bitcoin on Monday, making it the first public company to capitalize on the August Bitcoin dip.
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Metaplanet snapped up 463 Bitcoin on Monday, making it the first public company to capitalize on Bitcoin’s 5% weekend dip.
The Japanese investment company bought the Bitcoin () for 8 billion Japanese yen ($53.7 million), an average purchase price of about $115,895, Metaplanet in a statement.
This brought Metaplanet’s Bitcoin holdings to 17,595 Bitcoin, worth over $2 billion, maintaining its position as the world’s seventh-largest corporate Bitcoin holder.
While Metaplanet may be the first public company to announce buying Bitcoin in , it followed a huge week of corporate crypto buying.
In the last week of July, Cointelegraph found that 16 firms collectively added over to their treasuries.
Inflows into spot US Bitcoin exchange-traded products also performed strongly in , but saw $812.3 million worth of outflows to start August, one of its biggest outflow days in history.
Metaplanet remains focused on Bitcoin goal
Metaplanet’s purchase reflects the firm’s intent to keep accumulating Bitcoin despite recent suggesting possible challenges ahead.
The Simon Gerovich-led firm is now 8.4% of the way toward achieving its target of — equivalent to 1% of the total supply — by the end of 2027.
Metaplanet following Saylor’s strategy again
On Friday, Metaplanet announced it would issue about $3.73 billion worth of , a financial instrument that has been used aggressively by Michael Saylor’s Strategy to bolster its Bitcoin holdings above 628,700 BTC.
Saylor even to one of Strategy’s preferred stock offerings, tickered STRC, as the company’s “iPhone moment” after it raised for the firm.
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Perpetual preferred offerings provide companies like Strategy and Metaplanet long-term capital to fund Bitcoin purchases without diluting their common shares or adding debt.
Metaplanet’s preferred stock will offer up to a 6% annual dividend, depending on market conditions and investor demand.
More public companies enter Bitcoin stacking race
Metaplanet currently trails Strategy, Mara Holdings, XXI, Bitcoin Standard Treasury Company, Riot Platforms and Trump Media in Bitcoin accumulation, to BitcoinTreasuries.NET data.
More Bitcoin companies are emerging, with 162 holding BTC on their balance sheets, up on May 26.
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