Last week witnessed a substantial increase in Metaplanet’s Bitcoin portfolio. The Japanese firm’s acquisition dwarfed that of Michael Saylor’s Strategy (formerly MicroStrategy) by a factor of over six during the same timeframe.
On September 22nd, Metaplanet announced the purchase of 5,419 BTC, which equated to approximately $632.5 million. The average price paid per Bitcoin was around $116,724.
This significant acquisition has propelled Metaplanet to the fifth position among publicly traded companies with the largest Bitcoin holdings. Their current total is 25,555 BTC. The cumulative investment stands at $2.71 billion, translating to an average acquisition cost of $106,065 per Bitcoin.
In comparison, Strategy added 850 BTC to its holdings during the same period, spending slightly less than $100 million at an average price of $117,344 per coin. This brought Strategy’s total Bitcoin reserves to 639,835 BTC, acquired at an average cost of $73,971 each.
Notably, these aggressive buying sprees occurred while Bitcoin experienced a temporary price dip to $112,000 earlier today, demonstrating the inherent price fluctuations surrounding corporate investment in the leading digital currency.
While Bitcoin’s value has increased by approximately 6% over the last three months, the performance of the stock prices of these Bitcoin-focused companies tells a different story.
According to Strategy Tracker data, investors in the stock market have exhibited less enthusiasm for these companies. Metaplanet’s stock value has decreased by 63% in the past three months, and Strategy’s stock has experienced a 10% decline.