Two exchange-listed companies, Metaplanet and The Smarter Web Company, have added close to $100 million worth of Bitcoin
In London, The Smarter Web Company disclosed the purchase of 295 BTC for £26.3 million ($35.2 million). The buy was funded partly through a $10.2 million equity raise completed a day earlier, along with $21 million raised last week via a Bitcoin-denominated bond.
With this addition, the company holds 2,395 BTC at an average cost of $110,555 each, which totals $264.8 million in spending. At current prices, the holdings are worth about $284.8 million, which gives the company around $20 million in unrealized profit.
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The Smarter Web Company has been building its position quickly. In July, it bought more than 1,500 BTC. This increase moved the firm from 36th to 23rd place among public companies holding Bitcoin.
In Tokyo, Metaplanet announced the purchase of 518 BTC for about $61.4 million. This raised its total holdings to 18,113 BTC, valued at roughly $2.15 billion based on current prices. Across all purchases, the company’s average cost stands at $101,911 per Bitcoin.
Metaplanet, led by CEO Simon Gerovich, is ranked sixth among public companies with the largest Bitcoin reserves. The company said it plans to raise up to 555 billion yen ($3.7 billion) through perpetual preferred shares to fund its buying strategy.
Recently, David Bailey, head of Bitcoin-focused firm Nakamoto Inc. and co-founder of BTC Inc., announced plans to purchase $762 million on Bitcoin. What did he say? Read the full story.
