Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Japanese investment company Metaplanet and the crypto-friendly nation of El Salvador both announced new Bitcoin purchases on Monday, signaling continued adoption as the Bitcoin Fear & Greed Index shifted back to a “neutral” sentiment after a period of “fear.” These acquisitions underscore a sustained commitment to the digital asset by both a public company and a sovereign state.
Metaplanet’s Latest Acquisition and Strategy
Metaplanet disclosed an additional purchase of 136 Bitcoin, bringing its total holdings to 20,136 BTC, valued at over $2.2 billion at current market prices. The Japanese firm acquired these coins at an approximate cost of 16,554,535 Japanese yen ($111,830) per coin.
CEO Simon Gerovich articulated the company’s ambitious long-term objective in June: to accumulate 210,000 Bitcoin by 2027. Achieving this would position Metaplanet as the second-largest corporate Bitcoin holder globally, trailing only MicroStrategy, according to data from Bitbo. Currently, Metaplanet ranks as the sixth-largest overall and the leading Japanese Bitcoin treasury among 186 tracked entities.
Stock Performance and Capital Raising Plans
While Metaplanet’s shares initially surged by 19% to $1.10 following its first Bitcoin announcement on July 22, 2024, subsequent purchases have not yielded similar immediate gains. The company’s stock was down nearly 3% to $4.65 in the last trading session, though it remains up 92.45% year-to-date. To bolster its capital-raising efforts, Metaplanet plans to raise an additional $880 million through a public share offering in overseas markets on August 27.
El Salvador’s “Bitcoin Day” Purchase
Concurrently, El Salvador’s President Nayib Bukele announced the country’s purchase of an additional 21 Bitcoin as part of its “Bitcoin Day” celebrations. This acquisition increases El Salvador’s total treasury to 6,313 BTC, as reported by its Bitcoin Office. “Bitcoin Day” commemorates the anniversary of the law that made Bitcoin legal tender in the country, which came into effect in September 2021.
IMF Scrutiny on El Salvador’s Bitcoin Strategy
The International Monetary Fund (IMF) published a report in July alleging that El Salvador had not made any new Bitcoin purchases since signing a $1.4 billion loan agreement in December 2024. This agreement reportedly included stipulations for the country to scale back its Bitcoin acquisitions.
MicroStrategy’s Continued Accumulation
Adding to the week’s Bitcoin news, MicroStrategy Executive Chairman Michael Saylor hinted at another impending Bitcoin purchase on Sunday. Saylor posted a screenshot of the company’s Bitcoin portfolio to X with the caption, “needs more orange,” a common precursor to MicroStrategy’s treasury additions.
MicroStrategy’s Dominant Market Position
MicroStrategy maintains its position as the largest corporate holder of Bitcoin by a significant margin, with a staggering 636,505 BTC in its treasury, according to Bitbo. Despite its stock price shedding gains for most of August, MicroStrategy’s shares saw a 2.5% increase to $335.87 in the last trading session, maintaining a nearly 12% gain year-to-date.
The recent Bitcoin acquisitions by Metaplanet and El Salvador, coupled with hints from MicroStrategy, highlight a continued trend of institutional and sovereign entities integrating Bitcoin into their financial strategies. This ongoing accumulation occurs as market sentiment registers a shift towards a more neutral outlook, reinforcing the asset’s perceived long-term value despite short-term market fluctuations.
