Metaplanet Passes Coinbase As 7th-Biggest Bitcoin Holder, Poised To Overtake Tesla And Hut 8

Metaplanet’s latest Bitcoin buy has pushed its total holdings past those of Coinbase, setting the stage for it to overtake Tesla and Hut 8 next.

The Japan-based investment firm said earlier today that it acquired an additional 1,112 BTC for roughly $117 million, bringing its total to 10,000 coins to become the world’s 7th-biggest corporate holder of BTC.

Metaplanet is now just 264 BTC away from Canadian mining firm Hut 9 and closing on the 11,509 BTC held by Elon Musk’s Tesla, according to data from BitBo. Coinbase holds 9,267 Bitcoin.

Leading corporate Bitcoin holder Strategy (formerly MicroStrategy) still maintains a dominant position in the rankings with its reserves of 582,000 BTC. The firm’s executive chair Michael Saylor also recently hinted at another purchase, which, if history repeats, will be announced later today.

Metaplanet Aims For 210K BTC By 2027, Or 1% Of Bitcoin’s Total Supply

The average purchase price for the latest acquisition was approximately $105,435 per Bitcoin, said Metaplanet’s CEO Simon Gerovich in an X post today. Overall, the company’s 10K BTC holdings were bought for around $947 million at about $94,697 per coin, he added. 

Metaplanet aims to hold 210K BTC by the end of 2027, or 1% of its total supply. In order to achieve this goal, the company will have to buy another 200K Bitcoin over the next 30 months.

Metaplanet’s Shares Pump 25% After Latest BTC Purchase

Investors reacted positively to Metaplanet’s latest BTC acquisition, with the company’s share price pumping more than 25% today, according to Google Finance. 

That has added to the company’s year-to-date gain, which stands at more than 430% as of 2:29 a.m. EST. It has also pushed the total gain over the past year to above 2,029%, after the company started accumulating Bitcoin in April last year.