Japanese investment firm Metaplanet’s latest 1,112 Bitcoin purchase has finally tipped its total Bitcoin holdings to 10,000 BTC, surpassing Coinbase as the seventh-largest publicly traded company with a Bitcoin treasury.
On Monday, Metaplanet announced that it had purchased the Bitcoin (BTC) stack for 16.88 billion Japanese yen ($117 million). The firm now holds 10,000 Bitcoin, beating Coinbase’s 9,267 Bitcoin, according to data from Bitbo.
The average price of Metaplanet’s 10,000 BTC now stands at 13.9 million Japanese yen, approximately $96,400 per Bitcoin.
It comes just two weeks after Metaplanet became the eighth-largest corporate holder of Bitcoin.
Metaplanet issues $210M bonds to buy Bitcoin
It came the same day Metaplanet announced that its board of directors had resolved to issue $210 million via no-interest bonds, and that it raised that figure to buy more Bitcoin.
The firm has drastically revised its Bitcoin strategy in recent months and now intends to hold 210,000 BTC by the end of 2027. So far, Metaplanet has completed the purchase of 10,000 BTC and will need to buy an additional 200,000 BTC over the next 18 months.
Metaplanet stock rallies over 20%
The back-to-back announcement has seen the price of Metaplanet’s share soar drastically over the day.
Metaplanet’s stock (3350T) rallied over 22% on Monday on the Tokyo Stock Exchange, peaking at 1,860 Japanese yen. Metaplanet’s stock has seen an uptick of more than 417% year-to-date.
Institutional demand still going strong
Despite the recent crash, where Bitcoin dropped from $110,000 to $103,000 in a span of three days due to geopolitical tensions, demand from institutional investors has remained steady.
Related: 30 Bitcoin price top indicators hint at $230K bull market peak
Strategy co-founder Michael Saylor indicated that his firm would buy more BTC on Monday despite the ongoing geopolitical tensions.
Bitcoin exchange-traded funds witnessed five days of net inflows last week, with institutional investors pouring in over $1.3 billion during the period.
On Saturday, Bitwise Asset Management CEO Hunter Horsley said that Bitcoin had the potential to overtake the $30 trillion treasuries market.
Magazine: Will Bitcoin tap $119K if oil holds? SharpLink buys $463M ETH
