The Japanese company Metaplanet is leading a massive Bitcoin buying campaign, recently announcing the purchase of 1,088 new units of the digital currency valued at approximately $117.7 million. This new investment raises the company's total holdings to 8,888 Bitcoins, with a total value estimated at around $851 million according to recent market prices.
1️⃣ 👈 *Deal Details:*
- *Purchase Price*: The purchase was made at an average price of $108,209 per Bitcoin.
- *Global Ranking*: With this expansion, Metaplanet has become the tenth largest company globally in terms of Bitcoin ownership.
- *Current Trading*: Bitcoin is currently trading at $104,848, which means the current price is about $4,600 lower than the average purchase price.
2️⃣ 👈 *Company Strategy:* Process of purchasing Bitcoin
- *Financing Operations*: Metaplanet relies on issuing zero-coupon bonds and equity acquisition rights to finance Bitcoin purchases, having raised over 35 billion Japanese yen through its partner "EVO FUND".
- *Issuing Bonds*: The company issued a regular bond for one year worth 1.75 billion yen ($11.3 million) to finance further Bitcoin purchases.
3️⃣ 👈 *Company Goals:*
- *Expanding Holdings*: Metaplanet aims to expand its Bitcoin holdings, with reports indicating that it could reach a holding of 9,000 Bitcoins in the near future.
- *Controlling 1% of Global Supply*: The company aims to control 1% of the global Bitcoin supply, reflecting its confidence in the long-term value of the digital currency.