The post Metaplanet Expands Bitcoin Holdings Amid Market Corrections and Strategic Financing appeared first on Coinpedia Fintech News
Metaplanet Inc. (Tokyo: 3350), a fast-growing company through a Bitcoin (BTC) treasury strategy, has strengthened its balance sheet with more Bitcoins amid the ongoing market correction. The mid-capped company, with a market capitalization of about ¥175 billion, announced an acquisition of an additional 150 Bitcoins.
According to Simon Gerovich, the CEO of Metaplanet, the company spent around $12.5 million to acquire additional Bitcoins at an average price of about $83,508. Consequently, Metaplanet has now accumulated 3,200 Bitcoins and achieved a BTC Yield of 60.8 percent year-to-date.
Metaplanet Enrute to 10k Bitcoins
As Coinpedia previously reported, Metaplanet aims to accumulate 10k Bitcoins by the end of 2025 and double the trove by the end of next year. The company has been using debt financing, equity issuance, and operational income to accumulate as many BTCs as possible.
Worth noting that Metaplanet has attracted over 50k shareholders, with top recommendations from Strategy, formerly MicroStrategy.
Earlier today, Metaplanet announced the issuance of ¥2 billion zero percent ordinary bonds to purchase additional Bitcoins.
Market Impact
Bitcoin price has significantly benefited from the rising demand from institutional investors and nation-states to manage their treasuries. As of this writing, around 170 entities hold over 3.1 million Bitcoins in treasury, according to bitcointreasuries.net.
With the diminishing supply of Bitcoin, through the halvings, amid the rising demand, the overall price action will eventually be bullish in the long haul. Furthermore, Bitcoin price will mirror Gold’s price action, which is currently in the price discovery phase after hitting a new all-time high earlier today.