Metaplanet actively purchased 463 bitcoins on Monday, becoming the first publicly traded company to take advantage of the 5% drop in Bitcoin over the weekend.
This Japanese investment firm bought Bitcoin (BTC) for 8 billion yen (approximately $53.7 million), with Metaplanet stating that the average purchase price was about $115,895.
Following this acquisition, Metaplanet's Bitcoin holdings increased to 17,595 coins, valued at over $2 billion. The company continues to rank seventh globally in terms of corporate Bitcoin holdings.
Although Metaplanet may be the first publicly traded company to announce Bitcoin purchases in August, this move comes after a peak week of significant corporate cryptocurrency buying.
In the last week of July, Cointelegraph found that 16 companies collectively added $7.8 billion in cryptocurrency to their financial reserves.
The inflow of funds into U.S. Bitcoin exchange-traded products was strong in July, but there was an outflow of $812.3 million in early August, marking one of the largest outflow days in history.
Metaplanet's purchase reflects the company's intention to continue accumulating Bitcoin, despite recent macroeconomic indicators suggesting potential challenges.
Led by Simon Gerovich, the company has now achieved 8.4% of its goal to hold 210,000 bitcoins by the end of 2027, which represents 1% of the total Bitcoin supply.
Last Friday, Metaplanet announced it would issue approximately $3.73 billion in perpetual preferred stock, a financial instrument previously actively used by Michael Saylor's MicroStrategy, which increased its Bitcoin holdings to 628,700 coins.
According to Saylor, part of the preferred stock issuance (code STRC) was seen as the company's "iPhone moment," raising $2.5 billion in funding.
Perpetual preferred stock provides long-term funding for companies like Strategy and Metaplanet to support Bitcoin purchases without diluting common stock or increasing debt.
Metaplanet's preferred stock will offer annual dividends based on market conditions and investor demand, with a maximum rate of 6%.
Currently, Metaplanet lags behind MicroStrategy, Marathon Digital Holdings, XXI, Bitcoin Standard Treasury Company, Riot Platforms, and Trump Media & Technology Group in terms of Bitcoin accumulation, according to data from BitcoinTreasuries.NET.
The number of companies holding BTC continues to rise, reaching 162 so far, up from 112 on May 26.
Related: Analysts: Bitcoin (BTC) enters a month of decline, with a drop of 5%, and $110,000 as a key support level.
Original: “Bitcoin (BTC) Accumulating Company Metaplanet Initiates Large Purchase in the First Week of August”
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