Two publicly traded companies—Japan's Metaplanet and the UK's The Smarter Web Company—have added nearly $100 million worth of Bitcoin to their corporate treasuries.
On Tuesday, Metaplanet disclosed that it had purchased 518 Bitcoins (BTC) for approximately $61.4 million, at an average price of $118,519 per coin. This purchase brings the Tokyo-listed company's total holdings to 18,113 BTC, valued at about $2.15 billion at current prices, with an average acquisition cost of $101,911 per Bitcoin.
According to BitcoinTreasuries.NET, under the leadership of CEO Simon Gerovich, Metaplanet now ranks sixth globally among publicly traded companies in terms of Bitcoin holdings, following Michael Saylor's Strategy, MARA, XXI, Bitcoin Standard Treasury Company, and Riot.
This latest purchase follows Metaplanet's announcement earlier this month of plans to raise up to 555 billion yen ($3.7 billion) through the issuance of perpetual preferred shares to support its acquisition strategy.
The London-listed web design and Bitcoin treasury company The Smarter Web Company also revealed on Tuesday that it had acquired 295 BTC for £26.3 million ($35.2 million), at an average price of $119,412.
This purchase was partially funded by a $10.2 million equity financing completed on Monday. Reports indicate that The Smarter Web Company also raised $21 million last week through a Bitcoin-denominated bond issuance.
This acquisition brings Smarter Web's total holdings to 2,395 BTC, with an average acquisition price of $110,555, totaling $264.8 million. At current prices, these Bitcoins are valued at approximately $284.8 million, yielding the company about $20 million in unrealized gains.
In July alone, Smarter Web purchased over 1,500 BTC, propelling its global ranking among publicly traded companies from 36th to 23rd, with plans to enter the top 20 in the coming weeks.
Corporate cryptocurrency treasuries have surpassed the $100 billion mark, with Bitcoin treasury companies holding 791,662 BTC as of July, accounting for about 4% of the circulating supply. However, some analysts warn that the increasing concentration of assets in corporate hands could create a centralized vulnerability for Bitcoin.
Cryptocurrency analyst Willy Woo suggested that the U.S. might one day nationalize these holdings, drawing parallels to the abandonment of the gold standard in 1971. Woo speculated that the government could centralize corporate Bitcoin reserves and potentially "harvest" them, similar to the suspension of gold convertibility during President Richard Nixon's era.
Related: Chain restaurant Steak 'n Shake reports 11% same-store sales growth in Q2, thanks to Bitcoin (BTC) user support
Original article: “Metaplanet, Smarter Web Add Nearly $100M Bitcoin (BTC) to Treasuries”
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