Metaplanet Surpasses Tesla and Coinbase as Second-Largest Bitcoin Holder
Metaplanet Inc., a Tokyo-based company, has secured its position as the world’s second-largest corporate holder of Bitcoin after acquiring an additional 1,000 BTC in the third quarter of 2023. The purchase brought its total holdings to 44,000 BTC, valued at $3.7 billion as of September 30. Notably, 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 aimed at enhancing the company’s creditworthiness and expanding its financing options.
The latest acquisition places Metaplanet just behind Strategy Inc., which holds a massive 848,000 BTC worth over $69 billion. Metaplanet’s Bitcoin reserves surpass those of major U.S. companies like Tesla Inc., SpaceX, and Coinbase Global Inc. The company is also expanding into the U.S. market through a planned Bitcoin treasury platform, expected to close in the fourth quarter of 2026.
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 dipped below the value of its Bitcoin assets. As of the latest data, Bitcoin is up 2.67% in the last 24 hours to $2,739, while Metaplanet shares closed 0.89% lower at $1.80 during Monday’s trading session.