 
 
Tokyo-listed firm Metaplanet has continued to accumulate Bitcoin (BTC). Earlier today, the company announced acquiring additional coins, lifting its total holdings to 20,000 BTC as it extends its Bitcoin treasury program.
Metaplanet is now the sixth-largest public holder of the benchmark cryptocurrency after overtaking Riot Platforms.
In its Monday disclosure, Metaplanet said it bought 1,009 BTC at an average of 16.48 billion Japanese yen per Bitcoin. At the current market price, this equates to approximately $112 million.
As of the time of writing, CoinGecko data indicated that Bitcoin traded at $109,720, just below Metaplanet’s latest purchase price of $111,068 per coin.
With the latest purchase, Metaplanet now has 20,000 BTC, bought at an overall average cost of 15.1 million yen per BTC. The company’s acquisition signals the Tokyo-based firm’s relentless commitment to positioning Bitcoin as a core reserve asset.
 
Metaplanet is now the sixth biggest publicly traded Bitcoin treasury company in the world, overtaking U.S.-based crypto miner Riot Platforms, data from BitcoinTreasuries shows.
Metaplanet’s Bitcoin stockpile crossing the 20,000 BTC milestone comes less than three months after the firm announced having reached its 10,000 BTC target. Earlier this year, Metaplanet revised its year-end target to 30,000 BTC from its initial goal of 10,000 BTC.
Metaplanet’s transformation represents one of the most radical corporate pivots in recent history. Established in 2010 as Red Planet Japan, the company operated as a hotel and technology chain. However, the COVID-19 crisis hurt its business model, forcing property closures and leading to six straight years of losses.
By early 2024, the company’s stock had struggled around $1.32 (¥190) before it officially adopted the corporate Bitcoin acquisition playbook pioneered by Michael Saylor’s Strategy.
The company’s strong Q2 performance recently earned it an upgrade from a small-cap to a mid-cap stock in the FTSE Japan Index. Metaplanet was also automatically included in the FTSE All-World Index, which features the largest publicly listed firms by market cap across different regions.
Source: https://zycrypto.com/metaplanet-increases-bitcoin-stash-to-20000-btc-outpacing-riot-platforms-to-become-sixth-largest-holder-globally/