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Two publicly listed companies, Japan's Metaplanet and the UK's The Smarter Web Company, have significantly expanded their Bitcoin holdings, collectively adding nearly $100 million worth of the cryptocurrency to their corporate treasuries. This move underscores a growing trend among businesses to diversify their assets with digital currencies.
Metaplanet Boosts Bitcoin Reserves
Metaplanet, a Tokyo-listed firm, announced on Tuesday that it purchased 518 Bitcoin (BTC) for approximately $61.4 million. This acquisition was made at an average price of $118,519 per coin. Following this purchase, Metaplanet's total Bitcoin holdings have reached 18,113 BTC, valued at roughly $2.15 billion at current market prices. The company's average acquisition cost for its Bitcoin reserves stands at $101,911 per coin.
Under the leadership of CEO Simon Gerovich, Metaplanet has climbed to sixth place globally among public companies in terms of Bitcoin holdings. It now trails behind notable entities such as Strategy, MARA, XXI, Bitcoin Standard Treasury Company, and Riot, according to data from BitcoinTreasuries.NET. This latest acquisition follows Metaplanet's earlier announcement of plans to raise up to 555 billion Japanese yen ($3.7 billion) through perpetual preferred shares to fund its expansion strategy.
Smarter Web Company Expands Digital Assets
The Smarter Web Company, based in London, has also made a substantial addition to its Bitcoin reserves. The web design and Bitcoin treasury firm revealed it acquired 295 BTC for 26.3 million pounds (approximately $35.2 million), with an average purchase price of $119,412 per coin.
This acquisition was partially financed by a $10.2 million equity raise completed on Monday, and a previous $21 million raised through a Bitcoin-denominated bond offering last week. With this latest purchase, Smarter Web's total Bitcoin holdings amount to 2,395 BTC, acquired at an average cost of $110,555 each, totaling $264.8 million. The current valuation of these holdings is approximately $284.8 million, resulting in an unrealized gain of about $20 million.
Smarter Web has seen a significant jump in its global ranking, moving from 36th to 23rd place among public companies holding Bitcoin, driven by its acquisition of over 1,500 BTC in July alone. The company is aiming to secure a top-20 position in the coming weeks.
Broader Implications for Corporate Treasuries
These moves by Metaplanet and Smarter Web occur as corporate crypto treasuries have surpassed the $100 billion mark. As of July, Bitcoin treasury companies collectively held 791,662 BTC, representing nearly 4% of the circulating supply. However, some analysts express caution, noting that the increasing concentration of Bitcoin in corporate hands could potentially create a single point of vulnerability for the cryptocurrency. Analyst Willy Woo has drawn parallels to the 1971 gold standard exit, suggesting a possibility of future government intervention, such as nationalization of corporate Bitcoin reserves.
Sources
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Metaplanet, Smarter Web add nearly $100M in Bitcoin to treas|Cointelegraph, خبرپو.
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Metaplanet, Smarter Web Add $100M in Bitcoin to Corporate Treasuries, Cointelegraph.
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Metaplanet, Smarter Web add almost $100M in Bitcoin to treasuries — TradingView News, TradingView.
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