Metaplanet Overtakes Musk's Tesla, Becomes Fifth Largest Corporate Bitcoin Holder
What to know:
- The firm's bitcoin stash now trails large crypto firms, MARA, Galaxy, Riot, and Strategy.
- Metaplanet's average buying price for its bitcoin stash now stands at $98,303.
Metaplanet, the Japanese hotelier that has been scooping up bitcoin , has become the fifth largest corporate holder of the largest cryptocurrency, racing past Elon Musk's Tesla.
The Tokyo-listed firm bought 1,234 BTC for $133 million at an average price of $107,877. The latest buy has taken Metaplanet's bitcoin stash to 12,345 BTC at an average price of $98,303.
Metaplanet has been steadily acquiring bitcoin, a strategy that has been copied by a host of firms across the world. The bitcoin reserve strategy was pioneered by Michael Saylor's Strategy, which remains the largest corporate holder of bitcoin with over 570,000 BTC.
Metaplanet's latest buy takes its past Tesla's bitcoin holdings of 11,509 BTC, with the firm only trailing behind large crypto firms, such as MARA, Riot, Galaxy and Strategy.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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