tl;dr
Metaplanet Inc., a Tokyo-based public company, made a surprise $133 million Bitcoin purchase of 1,234 BTC from Coinbase Institutional, increasing its total holdings to 12,345 BTC worth about $1.33 billion. This transfer, initially flagged as unknown, is the firm's largest single-day Bitcoin acquisit...
A surprise $133 million Bitcoin transfer of 1,234 BTC from Coinbase Institutional to an unknown address stirred market curiosity. Blockchain analytics soon revealed the recipient as Metaplanet Inc., a Tokyo-based public company expanding its Bitcoin treasury. This transfer to Metaplanet's cold wallet marks its largest single-day Bitcoin purchase, increasing total holdings to 12,345 BTC.
Metaplanet has been actively acquiring Bitcoin throughout 2024, with significant purchases in June alone from Coinbase. The company's average Bitcoin cost basis is $96,121 per BTC, holding over 12% unrealized gains. Bitcoin now represents more than 21% of its market capitalization, underscoring the strategic importance of this digital asset to the company.
This recent acquisition places Metaplanet ahead of Tesla as a public Bitcoin holder, making it the sixth-largest corporate Bitcoin holder globally. The scale and consistency of Metaplanet’s purchases highlight a growing trend among institutional investors in Japan and worldwide, viewing Bitcoin not just as a speculative asset but as a treasury reserve.
With this $1.33 billion Bitcoin portfolio, Metaplanet showcases how public companies can leverage cryptocurrency to diversify assets and potentially enhance shareholder value. This story raises questions about what other institutions may be quietly building significant Bitcoin reserves and how this will influence market dynamics and corporate finance strategies in the future.