Japanese listed company Metaplanet has increased its Bitcoin holdings again, with the total surpassing a key milestone. The latest announcement shows that Metaplanet acquired 1,234 Bitcoins on June 25, bringing its total holdings to 12,345 Bitcoins (approximately $785 million), officially surpassing Tesla (11,509 Bitcoins) to become the world's second-largest publicly traded company holding Bitcoin. This strategic move highlights the growing recognition of Bitcoin as a reserve asset among institutional capital. Key Data Insights: • Holdings Ranking: Second only to MicroStrategy (214,000 Bitcoins) • Holdings Cost: Average $30,250/Bitcoin (current floating profit of about 60%) • Asset Proportion: Bitcoin accounts for 72% of the company's total assets (Tesla accounts for about 0.8%) Trend Analysis: Shift in corporate treasury allocation paradigm: Evolving from MicroStrategy’s single case to a strategic consensus among multinational corporations Capital structure innovation: Public companies are continuously increasing their Bitcoin allocations through bond/stock issuance and other means Market Impact: Since Q2 2024, public companies have cumulatively increased their holdings by over 35,000 BTC, forming stable buying power. Professional Interpretation: This 'Balance Sheet Strategy' (Bitcoin Treasury Strategy) is reconstructing corporate asset management logic. By treating Bitcoin as a non-debt-supported reserve asset, companies not only hedge against fiat currency depreciation risks but also gain: • De-risking of the balance sheet • Optimization of capital efficiency • Enhanced transparency in financial disclosures. Market Impact: On-chain data shows that institutional holdings (greater than 10,000 Bitcoins) have reached 12.3%, a 470 basis point increase since 2020. This structural change is providing ongoing institutional demand support for Bitcoin, reinforcing its narrative as 'digital gold'. $BTC