Tokyo-based Metaplanet, a listed company in Japan, has bought 775 BTC for $93 million. Despite recent price drops, the company plans to build a large crypto treasury by the end of this year. CEO Simon Gerovich believes in Bitcoin’s long-term value, despite market ups and downs.
Metaplanet Buys Bitcoin Again
Early this morning, the company’s CEO, Simon Gerovich, announced the firm’s latest purchase of 775 BTC at an average price of $120,006 each, raising its total holdings to 18,888 BTC. This total is worth about $1.94 billion, with an average purchase price of $102,653 per bitcoin.
This purchase follows earlier buys, including 463 BTC for $53.7 million on August 4 and 518 bitcoin for $61.4 million on August 12. Earlier in the year, the company bought 1,111 bitcoin for $118 million and 1,005 bitcoin for $108.1 million, working towards a goal of 30,000 BTC by the end of the year.
Will More Firms Buy Too?
These notable purchases further shift the firm closer to its target of 30,000 BTC by the end of the year. Even with a recent 2.1% drop in Bitcoin’s price to $115,305, Gerovich remains optimistic. He acknowledged concerns about the price drop but emphasized the strong foundation the firm is building.
He asked investors to reflect on their achievements, believing that the fundamentals will prevail over time. He encouraged them with a confident message on social media, saying, “18,888 BTC. Onward and upward.”
Metaplanet’s approach is inspiring companies around the world. In the Netherlands, Amdax, a Dutch crypto firm, plans to create AMBTS, a Bitcoin treasury company. This company aims to hold 210,000 BTC for the long term, possibly becoming the first public Bitcoin treasury in the country.
B Treasury Capital AB, a Swedish Bitcoin company, has also announced plans to raise about $21.9 million by using warrants at $30.57 per share. This will help increase its treasury of 166.25 BTC while benefiting from Sweden’s Bitcoin-friendly regulations.
Meanwhile, Michael Saylor, who recently celebrated five years of buying Bitcoin, with an additional purchase of 155 BTC for $18 million, bringing his total holdings to 628,946 BTC, has posted “Insufficient Orange” on X yesterday, a phrase he has used before, suggesting that he plans to buy more Bitcoin.
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