Strategy nears 600,000 bitcoin as the “Strategy of Asia” also buys

It’s Monday, so it’s bitcoin-buying day for Strategy, which has acquired 4,980 bitcoin for $531.9 million. The largest corporate bitcoin holder now has 597,325 bitcoin. 

Metaplanet, the “Strategy of Asia,” which became the seventh-largest corporate bitcoin holder, also added to its reserve, acquiring 1,005 bitcoin for $108.1 million, giving it a total of 13,350.

The company also announced the issuance of 0% interest rate ordinary bonds worth 30 billion yen ($208 million) to boost its bitcoin acquisition strategy.

Benchmark Equity Research initiated coverage of the Japanese company this morning with a “buy” rating, as it “emerges as Japan’s answer to MSTR with bitcoin acquisition strategy. In just over a year, the company has transformed itself from a modest hotel business into Japan’s pioneering listed bitcoin treasury company,” Benchmark analyst Mark Palmer wrote in the note.

Palmer added that Mataplanet “has been the best performing stock in Japan by 10x, generating a total return of 7,742% during that span.”

“We believe the shares are poised to continue their upward climb as Metaplanet continues to execute its financing strategy and adds to its bitcoin holdings,” he wrote.

The company, which said it seeks to accumulate 100,000 bitcoin by the end of 2026 and 210,000 bitcoin by the end of 2027, is emulating Strategy, but with “a twist.”

“Metaplanet has been generating the bulk of its revenue through option premium harvesting: selling cash-secured bitcoin put options and collecting premiums while committing to buy bitcoin at a predetermined strike if the market declines,” Palmer added.