Japanese firm Metaplanet now holds over 10,000 BTC, more than Coinbase’s Bitcoin reserve.
- Metaplanet now owns more Bitcoin than Coinbase
- The company plans to acquire 210,000 BTC by 2027
- Stock price jumped over 22% after new Bitcoin purchase
Metaplanet Buys More Bitcoin
Metaplanet, a Japanese investment company, announced it bought 1,112 Bitcoin worth $117 million. This brings its total to 10,000 BTC. The new purchase makes Metaplanet the seventh-largest public company holding Bitcoin. It has now passed Coinbase, which holds 9,267 BTC.
Big Plans for the Future
The company said it wants to hold a total of 210,000 BTC by the end of 2027. To reach that goal, Metaplanet still needs to buy another 200,000 BTC. So far, the firm has made huge steps by increasing its Bitcoin reserve in just a few months.
Bitcoin Bonds Worth $210 Million
On the same day of its latest Bitcoin purchase, Metaplanet said it would issue $210 million in no-interest bonds. The company used the bond money to buy more Bitcoin. This shows that Metaplanet is serious about becoming a major Bitcoin holder.
Stock Price Jumps Over 22%
Investors reacted quickly. After the news, Metaplanet’s stock rose by over 22% on the Tokyo Stock Exchange. The stock reached 1,860 Japanese yen and has gained more than 417% since the start of the year.
Institutional Demand for Bitcoin Continues
Despite recent drops in Bitcoin price, big investors are still buying. Bitcoin fell from $110,000 to $103,000 due to global tensions. But funds are still entering the market. Exchange-traded funds (ETFs) saw five days of net inflows totaling $1.3 billion last week.
More Companies Are Following This Trend
Big names in the Bitcoin space continue to support the asset. Michael Saylor and his company MicroStrategy also announced plans to buy more BTC. Experts believe more institutions will join as they begin to view Bitcoin as a long-term investment.
Source: cointelegraph.com
