Japan’s top corporate Bitcoin treasury company, Metaplanet, has acquired another 2,204 Bitcoin for $237 million.
In a filing on Monday, the company said it acquired an additional 2,204 Bitcoin (BTC) at an average price of 15,640,253 Japanese yen per Bitcoin, or about $107,700. This brings Metaplanet’s total holdings to 15,555 BTC, with an average purchase price of 14,517,416 yen per coin, or approximately $99,985.
According to BitcoinTreasuries.NET data, Metaplanet is currently the fifth-largest corporate holder of Bitcoin. The company overtook the holdings of electric vehicle manufacturer Tesla in late June with an acquisition of 1,234 BTC, bringing its total holdings to 12,345 BTC, with Tesla holding 11,509 BTC.
The company also exceeded Bitcoin miner CleanSpark’s holdings of 12,502 BTC with a separate 1,005 BTC purchase valued at $108 million, disclosed on June 30.
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Corporate Bitcoin treasuries keep growing
The announcement follows the world’s top corporate Bitcoin holder, Strategy, announcing the acquisition of another 4,980 Bitcoin for $531.1 million on June 30 in its latest buy. That acquisition brought the firm’s holdings to 597,325 BTC, purchased for about $42.4 billion at an average price of $70,982 per coin.
Crypto entrepreneur Anthony Pompliano’s firm ProCap also made its first Bitcoin purchase of 3,724 BTC for $386 million in late June. Healthcare tech firm Semler Scientific also announced last month that it plans to increase its holdings from 3,808 Bitcoin to 105,000 Bitcoin.
Related: Bitcoin as corporate treasury: Why Meta, Amazon and Microsoft all said no
Glassnode lead analyst James Check suggested on Saturday that the Bitcoin treasury strategy may not have the longevity many expect. Check said the easy upside may already be behind new companies entering the space.
“For many new entrants, it could already be over,” he said, explaining that the crux is how sustainable a company’s product and strategy for Bitcoin accumulation are. He highlighted that investors favor the early adopter and “nobody wants the 50th Treasury company.”
In late June, a report from venture capital firm Breed also showed the same sentiment. According to the firm, only a few Bitcoin treasury companies will avoid falling into a “death spiral.”
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