Japan-based Metaplanet aggressively expanded its Bitcoin holdings last week, acquiring more than six times the amount purchased by Michael Saylor’s Strategy (formerly MicroStrategy) during the same period.
Metaplanet revealed on Sept. 22 that it bought 5,419 BTC for roughly $632.5 million, paying an average of $116,724 per coin.
This purchase pushed Metaplanet into the fifth spot among publicly known corporate Bitcoin holders as it now controls 25,555 BTC. The holdings were accumulated at a cumulative cost of $2.71 billion, which is an average entry price of $106,065.
Strategy, by comparison, accumulated 850 BTC during the same period, spending just under $100 million at $117,344 per coin. That addition brought its total stash to 639,835 BTC, purchased at an average of $73,971 per Bitcoin.
Meanwhile, both companies’ aggressive acquisitions came as Bitcoin’s price briefly dropped to $112,000 earlier today. This highlights how volatility remains a constant backdrop to corporate accumulation of the flagship digital asset.
Despite this drop, BTC has risen about 6% in the past three months, while the same cannot be said for the shares of the Bitcoin-focused companies.
According to Strategy Tracker data, equity investors have been far less enthusiastic about these firms’ shares. Metaplanet’s shares have dropped 63% in the last three months, while Strategy’s stock has slipped 10%.
Source: https://cryptoslate.com/insights/metaplanet-outpaces-saylors-bitcoin-haul-by-sixfold-last-week/
