Two of the biggest corporate Bitcoin holders, Strategy (formerly Micro Strategy) and Japan-based Metaplanet, have significantly expanded the Ministry of Cryptocurrency this week.
According to separate May 19 announcements, the companies collectively acquired 8,394 BTC, spending nearly $870 million. This follows the previous week’s purchase, when the company added nearly 15,000 BTC.
As a result, the companies have accumulated over 23,000 BTC, over $2 billion over the past two weeks, indicating solid convictions for Bitcoin’s long-term value.
The strategy is above 576K BTC, but faces backlash from investors
On May 19, Strategy reported to the U.S. Securities and Exchange Commission (SEC) that it had acquired 7,390 BTC between May 12th and May 18th.
The company said it spent $764.9 million on the purchase, so each coin was purchased at an average price of $103,498.
The company funded its latest acquisition by selling shares. It raised $755.7 million by selling over 1.7 million MSTR stocks from 621,555 shares, and an additional $59.7 million.
Meanwhile, the latest purchases have pushed the total holdings of the Michael Saylor-led company to 576,230 BTC, making it the largest Bitcoin holder of any publicly traded company.
According to SEC filing, these assets are acquired for around $401.8 billion, with an average price per Bitcoin of $69,726. At current market rates, the company’s stash is valued at approximately $59.09 billion, with nearly $19 billion of unrealized profits.
However, despite the profits, the Bitcoin-first approach to strategy appears to have raised legal challenges from dissatisfied shareholders.
On May 18, Pomerantz LLP filed a class action lawsuit without a major plaintiff, claiming that the Strategy accidentally misinterpreted its shareholders on the same day that it filed more than 50 other class action suits against other companies.
The complaint alleged that the company exaggerated Bitcoin’s potential and downplayed the risk of volatility in top digital assets. It also suggested that the company’s public communications did not reflect any significant risks and could have misrepresented BTC’s long-term outlook.
The law firm behind the lawsuit is well known for filing a large number of similar cases, raising questions about the number of investors the lawsuit represents.
Metaplanet stock surpasses Toyota after doubled bitcoin
Metaplanet also confirmed that it purchased 1,004 BTC for around $104.6 million.
This brings the company’s second purchase to more than 1,000 BTC, with a total holding of 7,800 BTC worth approximately $87 million.
The Tokyo registered company began accumulating Bitcoin in April 2024, aiming to reach 10,000 BTC by the end of 2025. According to data from Bitcoin’s Ministry of Finance, it is currently ranked in the top 10 globally as Asia’s largest Bitcoin holder.
Meanwhile, Metaplanet’s crypto strategy appears to be rewarded in the stock market.
On May 19, Metaplanet CEO Simon Gerovich said the company’s shares were trading ninth in Japan’s exchange, with daily sales of 616.9 billion yen (approximately $425 million), surpassing corporate giants like Toyota, SoftBank and Nintendo.
