Metaplanet's Bitcoin Buying Pace Slows Amid Market Turmoil

Metaplanet's Bitcoin buying machine has slowed down significantly, with the company adding just 2,823 BTC in the second quarter, valued at $222 million. This brings their treasury to a total of 43,000 BTC, making them one of the largest corporate holders after Strategy.

The average cost per coin for this purchase was $78,608, well below their overall cost basis of $94,792 per Bitcoin. Metaplanet's goal is to reach 100,000 BTC by year-end, which would require an additional 57,000 coins in the next six months.

Chief executive Simon Gerovich remains committed to this target, while director of Bitcoin strategy Dylan LeClair sees current market conditions as resembling those found at the bottom of earlier bear markets. He notes that a large share of supply is held by long-term investors, which he believes is a sign of a potential turnaround.