Metaplanet Fortifies Bitcoin Holdings Despite Stock Market Slump
Metaplanet has bolstered its Bitcoin (BTC) stash with another 136 coins, valued at approximately $15.2 million. This brings the company’s total BTC holdings to 20,136 units, worth over $2 billion. The move aligns with its strategy to amass a ample amount of the cryptocurrency.
However, the latest acquisition represents one of the smaller additions Metaplanet has made lately. This could be due to the challenges in the company’s stock performance. Its shares are down 3.8% today, extending weekly losses to nearly 20%, and monthly losses to over 30%.
The downturn affects Metaplanet’s aim to accumulate 30,000 BTC by year-end and 100,000 BTC by 2026. To hit the short-term target, it needs almost 9,864 BTC, costing over $1 billion. Yet, the company remains optimistic.
A new financing plan seeks shareholder approval to issue 550 million new shares abroad, raising around $884 million for Bitcoin purchases. If successful, this could sustain Metaplanet’s strategy despite stock woes.
Across Asia, the trend towards Bitcoin treasuries is growing. Firms like Remixpoint aim for up to 3,000 BTC, while Sora Ventures plans a $1 billion fund deployment into BTC within six months, possibly creating Asia’s first dedicated Bitcoin treasury fund.
