Strategy and Metaplanet Bolster Crypto Treasuries with Massive Bitcoin Purchases
Two of the largest corporate Bitcoin holders, Strategy (formerly MicroStrategy) and Japan-based Metaplanet, have made significant expansions to their crypto treasuries this week.
According to separate announcements on May 19, both companies collectively acquired 8,394 BTC, amounting to nearly $870 million. This follows their recent buying spree where they added almost 15,000 BTC.
Over the past two weeks, Strategy and Metaplanet have accumulated over 23,000 BTC, valued at more than $2 billion, showcasing their strong belief in the long-term value of Bitcoin.
Strategy Tops 576K BTC Despite Investor Backlash
On May 19, Strategy disclosed to the US Securities and Exchange Commission (SEC) that it acquired 7,390 BTC between May 12 and May 18.
The company spent $764.9 million on this purchase, with an average price of $103,498 per coin. The funds for this acquisition were raised through the sale of shares, generating $705.7 million from selling over 1.7 million MSTR shares and an additional $59.7 million from 621,555 STRK shares.
With this latest purchase, Strategy’s total holdings now stand at 576,230 BTC, making it the largest Bitcoin holder among publicly traded companies. The assets were acquired at approximately $40.18 billion, averaging $69,726 per Bitcoin. The current market value of the stash is around $59.09 billion, with unrealized gains of nearly $19 billion.
However, Strategy’s Bitcoin-centric approach has faced backlash from shareholders, leading to a class action lawsuit filed by Pomerantz LLP alleging that the company misled investors about Bitcoin’s potential returns and downplayed its volatility risks.
Metaplanet Surpasses Toyota with Bitcoin Investments
Metaplanet also announced the purchase of 1,004 BTC for around $104.6 million, marking its second acquisition of over 1,000 BTC. This brings its total holdings to 7,800 BTC valued at approximately $807 million.
The Tokyo-listed company began accumulating Bitcoin in April 2024 with a target to reach 10,000 BTC by the end of 2025. It now stands as Asia’s largest public holder of Bitcoin and ranks among the top ten globally in terms of holdings.
Metaplanet’s crypto strategy has not only strengthened its Bitcoin portfolio but also boosted its stock performance. CEO Simon Gerovich reported that the firm’s stock was the ninth most traded on Japan’s exchanges, with a daily turnover of 61.69 billion yen (about $425 million), surpassing industry giants like Toyota, SoftBank, and Nintendo.