Japan’s leading corporate Bitcoin custodian, Metaplanet, has augmented its Bitcoin holdings by purchasing an additional 2,204 Bitcoin, equivalent to $237 million. The company announced on Monday that its latest acquisition of Bitcoin (BTC) was made at an average cost of 15,640,253 Japanese yen per Bitcoin, approximately $107,700 each. This acquisition takes Metaplanet’s total Bitcoin holdings to 15,555 BTC, with an average buying price of 14,517,416 yen per coin, or about $99,985.
Data from BitcoinTreasuries.NET indicates that Metaplanet is currently the fifth-largest corporate holder of Bitcoin globally. The company surpassed Tesla’s Bitcoin holdings in late June when it purchased an additional 1,234 BTC, bringing its total Bitcoin holdings to 12,345 BTC compared to Tesla’s 11,509 BTC. Metaplanet also outpaced Bitcoin mining company CleanSpark, which has 12,502 BTC, with a separate purchase of 1,005 BTC valued at $108 million, announced on June 30.
Corporate Bitcoin holdings continue to grow, with Strategy, the world’s top corporate Bitcoin holder, announcing the acquisition of another 4,980 Bitcoin for $531.1 million on June 30. The purchase took the firm’s total Bitcoin holdings to 597,325 BTC, acquired for approximately $42.4 billion at an average price of $70,982 per coin. Meanwhile, ProCap, a firm owned by crypto entrepreneur Anthony Pompliano, made its first Bitcoin purchase of 3,724 BTC for $386 million in late June. Healthcare technology company Semler Scientific also announced last month its plans to increase its Bitcoin holdings from 3,808 to 105,000.
However, James Check, lead analyst at Glassnode, suggested on Saturday that the Bitcoin treasury strategy might not be as enduring as many anticipate. According to Check, the easiest gains may already have been realized by new entrants. He emphasized that a company’s product and Bitcoin accumulation strategy must be sustainable, and that investors tend to favor early adopters over later entrants.
In a similar vein, a report from venture capital firm Breed in late June indicated that only a handful of Bitcoin treasury companies will manage to avoid a “death spiral.”
