Metaplanet Buys $54 Million in Bitcoin

Japanese public company Metaplanet has purchased an additional $54 million worth of Bitcoin, according to a Monday announcement

It added a total of 463 BTC to its coffers, buying each at the average price of $101,422 per coin

This is the first purchase that Metaplanet has announced since July 28

The company bought a total of 3,782 BTC in July for $424 million

Metaplanet has now emerged as the sixth-largest holder of Bitcoin with $1.96 billion. It is behind only Rtio Platforms ($2.20 billion), Bullish ($2.78 billion), Twenty One Capital ($4.26 billion), Marathon Digital Holdings ($5.71 billion), and, of course, Strategy ($71.94 billion)

100,000 BTC by 2027?

As reported by U.Today, Metaplanet announced that it intends to reach 100,000 Bitcoins by the end of 2026.

On Aug. 1, it filed to issue 555 billion yen in new perpetual preferred shares (roughly $3.6 billion) over a period of two years. This is the company's biggest single capital-raising announcement to date. In fact, the aforementioned sum accounts for the lion's share of Metaplanet's market cap

Metaplanet CEO Simon Gerovich recently stated that the company's goal is to have multiple tools for funding future Bitcoin purchases. "On a Bitcoin standard, the mission is to continuously grow Bitcoin per share. Issuing perpetual preferreds is a highly accretive tool designed to maximize long-term shareholder value," he said