Japanese tech company Metaplanet has overtaken Coinbase Global Inc. COIN in Bitcoin holdings after acquiring an additional 1,112 BTC for $117.2 million, CEO Simon Gerovich announced Monday on X.
What Happened: The purchase, made at an average price of $105,435 per Bitcoin, pushed Metaplanet’s total holdings to 10,000 BTC. According to data from Bitcointreasuries.net, this positions the company ahead of Coinbase’s 9,267 BTC holdings, marking a significant shift in the corporate Bitcoin landscape.
Metaplanet’s stock surged 17.23% to 1,769 yen ($12.27) following the announcement. The company’s shares have gained over 408% year-to-date, reflecting investor enthusiasm for its Bitcoin accumulation strategy.
The Tokyo-based firm launched its Bitcoin acquisition program in April 2024 and recently revised its ambitious target to hold over 210,000 BTC by end-2027. This goal represents approximately 1% of Bitcoin’s total supply, positioning Metaplanet among the most aggressive corporate Bitcoin adopters globally.
See Also: Bitcoin, Ethereum Consolidate, Dogecoin Dips As Iran-Israel Conflict Rages On: These Levels Will Define Direction Of BTC’s Next Breakout, Says Analyst
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Why It Matters: While Metaplanet now exceeds Coinbase’s corporate holdings, MicroStrategy Inc. MSTR continues leading corporate Bitcoin ownership with 582,000 BTC following last week’s acquisition of 1,045 BTC.
The Michael Saylor-led business intelligence firm pioneered the corporate Bitcoin treasury strategy that companies like Metaplanet have since adopted.
The milestone comes as Bitcoin trades at $107,193, with the cryptocurrency’s market capitalization reaching $2.13 trillion.
Coinbase, despite being overtaken in corporate holdings, recently achieved its own milestone by becoming the first cryptocurrency exchange included in the S&P 500 index, signaling mainstream acceptance of the digital asset industry.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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