A naukri.com initiative
Zycrypto
5h
276
Image Credit: Zycrypto
Metaplanet’s Latest Bitcoin Buy Brings Treasury To 11,111 BTC, Could Soon Overtake Tesla’s Stack
- Metaplanet, based in Japan, recently purchased 1,111 BTC worth $118 million amidst a crypto market dip due to geopolitical concerns.
- The acquisition brought Metaplanet's total BTC holdings to 11,111, valued at $1.07 billion, making it the world's eighth-largest corporate holder of Bitcoin.
- Metaplanet aims to accumulate 100,000 BTC by 2026, having revised its target recently and currently being 11% away from that goal.
- The company is also 36% towards its shorter-term objective of gathering 30,000 BTC by the end of this year.
- Modeling its strategy after Michael Saylor, Metaplanet serves as a publicly traded entity for Bitcoin exposure in Asia.
- Its current BTC holdings are now close to surpassing Tesla's stack of 11,509 BTC, with just 398 BTC needed to overtake Tesla.
- Metaplanet envisions accumulating 210,000 BTC by 2027, equivalent to around 1% of Bitcoin's fixed supply.
- To reach its 100,000 BTC target, Metaplanet needs to acquire approximately 89,000 more coins in the next 18 months.
- Despite its Bitcoin accumulation strategy, Metaplanet is among the most shorted stocks in Japan, with analysts suggesting a high valuation based on BTC price.
- CEO Simon Gerovich responded to claims of being the most shorted stock, questioning the viability of betting against Bitcoin.
Read Full Article
16 Likes
For uninterrupted reading, download the app