Metaplanet has just become the fifth largest bitcoins corporate owner. It happened after buying 5 419 BTC. In total, the company has 25,555 BTC worth almost USD 3 billion. At the same time, something disturbing is happening at the level of action.
The Japanese metaplanet added 5,419 BTC to his treasury, which now makes him the fifth largest owner of cryptocurrency around the world. The company reported on Monday that the average purchase price of 1 BTC was 17,281,012 Japanese yen (about USD 117,000). In total, the company has 25,555 BTC, which gives almost USD 3 billion, much more than USD 2.1 billion, which is as much as these BTCs were worth a month ago.
Interestingly, however, the company’s shares did not get up on the same scale during this period. The Metaplanet share price increased by only 3.8%on Monday. In turn, in turn, we are talking about a decrease in over 30%.
The company assumes increases
Metaplanet has a problem. The price of shares decreases, threatening the whole model of obtaining funds, which is to support the development of the company’s BTC treasury. Despite this, it seems that the company assumes further increases on the cryptocurrency market.
At the beginning of this month, Metaplanet announced, for example, the creation of Metaplanet Income Corp., a subsidiary based in Miami with the initial capital of USD 15 million. At the same time, the company also presented Bitcoin Japan Inc, which is to focus on local Japanese activities related to bitcoins.
Also in September, Metaplanet announced that it would broadcast as many as 385 million new shares to help invest in BTC.
The company clearly races with Strategy, Michael Saylor, which has been investing regularly in bitcoins for several years. Long -term this strategy seems interesting. Although it should be added that today the companies that give indirect exposure to cryptocurrencies have lost their importance after the creation of BTC ETFs, because the funds carry out the same task as for years strategy (then as Microstrategy).
