Metaplanet becomes world's second-largest Bitcoin holder with 44,000 BTC
Metaplanet Inc., a Japan-based company, has become the world's second-largest corporate holder of Bitcoin (BTC) after purchasing an additional 1,000 BTC in the third quarter of 2023. The acquisition brings the company's total Bitcoin holdings to 44,000 BTC, valued at $3.7 billion as of September 30. Metaplanet sold 10,000 BTC and bought 11,000 BTC during the quarter, resulting in a net increase of 1,000 BTC. The sale was intended to enhance the company's creditworthiness and expand its access to future financing.
The latest purchase positions Metaplanet behind only Strategy Inc. (MSTR), which holds 848,000 BTC, worth over $69 billion. Metaplanet's Bitcoin stash surpasses the holdings of major U.S. companies like Tesla Inc. (TSLA), SpaceX (SPCX), and Coinbase Global Inc. (COIN). Bitcoin now constitutes the majority of Metaplanet's assets on its balance sheet.
Despite its significant Bitcoin holdings, Metaplanet has faced challenges in the bear market, with its stock falling 28% year-to-date. The company's total market value, including debt and preferred stock, has dropped below the value of its Bitcoin holdings. Metaplanet is planning to enter the U.S. market through a deal to create a new publicly listed Bitcoin treasury platform, expected to close in the fourth quarter of 2026.
As of the latest data, BTC is up 2.67% in the last 24 hours to $2,739. Metaplanet shares closed 0.89% lower at $1.80 during Monday's regular trading session. The stock has shown a weaker price trend across short-, medium-, and long-term timeframes.