Publicly Listed Companies Metaplanet and The Smarter Web Company Invest Nearly $100 Million in Bitcoin Treasuries
Two publicly listed companies, Japan’s Metaplanet and the United Kingdom’s The Smarter Web Company, have made significant investments in Bitcoin, adding nearly $100 million worth of the cryptocurrency to their corporate treasuries. This move reflects the growing trend of companies diversifying their assets and embracing cryptocurrency as a store of value.
Metaplanet, a Tokyo-listed firm, disclosed that it has purchased 518 Bitcoin (BTC) for around $61.4 million, with an average price of $118,519 per coin. This acquisition brings the company’s total Bitcoin holdings to 18,113 BTC, valued at approximately $2.15 billion at current prices. The average purchase price per Bitcoin for Metaplanet’s total holdings is $101,911. According to data from BitcoinTreasuries.NET, Metaplanet now ranks sixth globally in public company Bitcoin holdings, following notable companies such as Michael Saylor’s Strategy, MARA, XXI, Bitcoin Standard Treasury Company, and Riot.
Top 15 Bitcoin treasury companies. Source: BitcoinTreasuries.NET
The recent purchase by Metaplanet follows the company’s announcement earlier this month to raise up to 555 billion Japanese yen ($3.7 billion) through perpetual preferred shares, aiming tosupport its acquisition strategy. This strategic move indicates Metaplanet’s commitment to expanding its operations and diversifying its assets.
The Smarter Web Company’s Bitcoin Acquisition
The Smarter Web Company, a London-listed web design and Bitcoin treasury firm, also announced the acquisition of 295 BTC for 26.3 million pounds ($35.2 million), with an average purchase price of $119,412 per Bitcoin. This investment was partially funded by a 7.6 million pounds ($10.2 million) equity raise completed on Monday. Additionally, The Smarter Web Company raised $21 million through a Bitcoin-denominated bond offering last week, further demonstrating its commitment to cryptocurrency investments.
The purchase brings The Smarter Web Company’s total Bitcoin holdings to 2,395 BTC, acquired at an average cost of $110,555 per coin, totaling $264.8 million. At current market prices, the company’s Bitcoin stash is valued at approximately $284.8 million, resulting in an unrealized gain of about $20 million. With over 1,500 BTC bought in July alone, The Smarter Web Company has significantly jumped in the global rankings, moving from 36th to 23rd place, and is targeting a top-20 spot in the coming weeks.
The Smarter Web Company holds 2395 BTC. Source: BitcoinTreasuries.NET
Implications of Corporate Bitcoin Holdings
Corporate crypto treasuries have surpassed the $100 billion mark, with Bitcoin treasury firms holding 791,662 BTC as of July, representing nearly 4% of the circulating supply. However, some analysts have raised concerns that the growing concentration of assets in corporate hands could create a central point of vulnerability for Bitcoin. Crypto analyst Willy Woo suggested that the US could potentially move to nationalize these holdings, drawing parallels to the 1971 gold standard exit, where the government might centralize corporate Bitcoin reserves and potentially “rug” them.
For more information on this topic, readers can refer to the original article at https://cointelegraph.com/news/metaplanet-smarter-web-add-100m-bitcoin-treasuries?utm_source=rss_feed&utm_medium=rss_tag_bitcoin&utm_campaign=rss_partner_inbound
