- Metaplanet bought 1,241 bitcoins for $126.7 million, raising total holdings to 6,796 BTC.
- Total investment stands at $608.2 million with average cost per bitcoin at $89,492 so far.
- Now holding more Bitcoin than El Salvador, Metaplanet is Asia’s biggest and 10th globally.
Metaplanet Inc., a public company listed in Japan, has stepped up its Bitcoin accumulation again. On May 12, the firm purchased 1,241 more bitcoins for about $126.7 million. The average price per coin was $102,119. This latest move takes the total number of bitcoins in the company’s possession to 6,796.
According to CEO Simon Gerovich, the company has spent $608.2 million to gather its holdings so far. That means Metaplanet’s average cost per bitcoin stands at $89,492. As of now, the total value of their bitcoin stash is about $706.7 million, reflecting a 170% yield year-to-date.
Metaplanet’s approach to funding its bitcoin strategy relies heavily on issuing bonds. On May 9, the company announced its 14th ordinary bond offering. This one raised another $21.25 million to fuel additional purchases of the cryptocurrency.
Metaplanet Outpaces El Salvador’s Holdings
Earlier this month, on May 7, the firm made headlines with a massive buy of 5,555 bitcoins. In April, it acquired 18,586 bitcoins across four separate transactions. Back in March, it added 18,925 bitcoins through six deals. Each of those purchases outdid the previous one in size, showing an increasingly aggressive buying pattern.
Following the purchase announcement, Gerovich remarked, “Metaplanet now holds more Bitcoin than El Salvador. From humble beginnings to rivaling nation-states, we’re just getting started.” According to BiTBO, Metaplanet has become the largest Bitcoin-holding company in Asia and ranks as the tenth largest globally.
Some market voices, including Adam Back, have gone so far as to suggest that Metaplanet’s strategy is even more effective than MicroStrategy’s. While a screenshot shared by Michael Saylor on May 12 suggested that his firm, Strategy, might be preparing for another Bitcoin acquisition. The post read “Connect the dots,” alongside the Saylor Tracker chart.
Bitcoin Pushes Toward Price Discovery
Metaplanet’s aggressive strategy comes at a time when Bitcoin is testing the $104,000 mark again. It’s trading well above both the 20-day exponential moving average of $97,396 and the 50-day simple moving average of $92,542. That momentum has pushed it near the record levels seen in January.
Bitcoin is currently supported by an ascending trend line forming near the $103,500 level on the hourly chart. The MACD indicator is also showing strength in the bullish zone. Still, the Relative Strength Index is at 74, which suggests overbought conditions and raises the chance of a short-term pause or dip.
In an 11 May X post, Crypto analyst Rekt Capital noted that Bitcoin must close a week above $104,500 to kick off what he calls the “Price Discovery Uptrend 2.” That would be the next phase in Bitcoin’s climb and could trigger the Breakthrough Process.
If Bitcoin clears the resistance band between $105,000 and $109,588, projections suggest targets near $130,000 could be reached in the coming months.
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