Metaplanet Buys $112 Million Bitcoin To Overtake Riot Platforms As Sixth-Largest BTC Treasury Firm
Metaplanet has scooped up 1,009 Bitcoin for about $112 million to overtake Riot Platforms as the sixth-largest corporate Bitcoin holder. The Japan-based firm now holds 20,000 BTC on its balance sheet, with plans to expand that stash to 30,000 BTC by the end of the year, it said in a post on X today. The latest purchase cost Metaplanet an average of $110,987 per Bitcoin, bringing its total Bitcoin holdings to an estimated $2.05 billion. Its aggressive accumulation strategy has put it within striking distance of Bullish, the crypto exchange backed by former PayPal executive Peter Thiel, which currently ranks fifth with 24,000 BTC, according to data from BiTBO. Metaplanet Shares Plunge As Bitcoin Buying Faces Fundraising Crunch Metaplanet’s shares tumbled over 4% following the announcement of the latest Bitcoin buy, and its shares have tumbled more than 20% over the past 30 days, data from Google Finance shows. Metaplanet share price (Source: Google Finance )...