Metaplanet's BTC stash now larger than El Salvador's

On May 12, Japan’s Strategy, a firm engaged in capital raising and management services, disclosed in a statement that it had purchased an additional 1,241 Bitcoin, bringing its total BTC stash to 6,796.

The BTC holdings are worth over $700 million at current market prices. Interestingly, Strategy has now surpassed El Salvador’s Bitcoin holdings, which stood at 6,174 BTC (valued at $642 million) according to Bitcoin Office data.

El Salvador initiated its Bitcoin acquisition plan in 2021, while Strategy began its BTC buying spree last year with the goal of acquiring 10,000 Bitcoin by the end of 2025.

The Tokyo-based firm uses the Strategy playbook, which includes a capital raising model based on debt and equity issuance.

For instance, Strategy’s MSTR shareholders have benefited significantly from the firm’s massive Bitcoin exposure. In the past year, MSTR stock has soared by 238%, compared to a 63% increase in Bitcoin. However, Strategy share price performance has been even more impressive.

From a yearly perspective, Strategy share price has surged by 1,800%, while on a YTD basis, the share price has risen by 58%.

YTD, MSTR has rallied by 28%, and Bitcoin has gained 6%. This indicates that Strategy has outperformed both in terms of price performance, despite having a smaller Bitcoin stash than Strategy.

Several public firms have joined the Bitcoin corporate treasury bandwagon to offer shareholders better Strategy-like returns. Public companies alone have acquired 724K Bitcoin, worth $75B, or about 3.4% of the total Bitcoin supply, according to Bitbo.

In total, institutional and nation-state adoption of Bitcoin comprises approximately 15% of the total supply, which is over 3 million Bitcoin, or $330B. This institutional and government adoption has become a significant factor driving Bitcoin price.output: 12th May, 2024 – Japan’s Strategy, a firm engaged in capital raising and management services, has announced the purchase of an additional 1,241 Bitcoin, bringing its total BTC stash to 5,555, a report by CC Today has revealed.

The BTC holdings are worth over $700 million at current market prices. Interestingly, Strategy has now flipped El Salvador’s holding, which was at 6,174 BTC (worth $642 million) per Bitcoin Office data.

El Salvador began its BTC acquisition plan in 2021, while Strategy jumped on the trend last year.

In fact, the Tokyo-based firm has a target of buying 10,000 BTC by the end of 2025.

With more than six months left to go and about 30% shy of the target, the company could even surpass the 10K BTC mark if the aggressive buying trend remains on track.

The firm uses the Strategy playbook, including the capital raising model based on debt and equity issuance.

Source: Metaplanet (Capital raising model)

Strategy (formerly MicroStrategy) has an overwhelming stash of 568,840 BTC as of the time of writing. The massive BTC exposure has allowed the firm’s MSTR shareholders to benefit handsomely.

From a year-over-year basis, MSTR has jumped 238% while BTC gained 63%. But Metaplanet share has offered better returns than MSTR and BTC.

On a yearly basis, Metaplanet increased by 1,800% while on YTD (year-to-date), the share price rose 58%.

On YTD returns, MSTR rallied 28% while BTC pumped 6%, meaning Metaplanet outperformed on the price front, despite having relatively less BTC stash than Strategy.

Source: TradingView (BTC vs MSTR, Metaplanet performance)

That said, several public firms have jumped on the BTC corporate treasury bandwagon to offer shareholders better Metplanet-like returns.

According to Bitbo, public companies alone have acquired 724K BTC (worth $75B) or about 3.4% of the total BTC supply.

Overall, the BTC adoption by countries and firms (public and private) accounts for 15% of the total supply (over 3 million BTC) or $330B.

Simply put, institutional and nation-state adoption has become a significant catalyst for the BTC price.