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Japanese investment firm Metaplanet has further increased its Bitcoin holdings by purchasing an additional 108 BTC for 1 billion yen ($6.7 million).
Japanese Metaplanet Increases Bitcoin Assets by $6.7 Million, Total Assets Above $40 Million
With this latest acquisition, Metaplanet’s total Bitcoin holdings have reached 639 BTC, which is worth around $40.6 million at current market prices.
The Tokyo-listed company announced today that the average price of its latest bitcoin purchase was 9.19 million yen ($61,880) per BTC. Across all bitcoin purchases, Metaplanet purchased its assets at an average price of 9.32 million yen ($62,789) per Bitcoin.
Metaplanet has been steadily accumulating Bitcoin over the past few months, having adopted the cryptocurrency as a strategic treasury reserve asset earlier this year. In May, the company went on a Bitcoin buying spree, and its latest purchase comes just a week after it purchased another 107 BTC for 1 billion yen.
In addition to Bitcoin purchases, Metaplanet reported last week that it earned 24 BTC, equivalent to $1.52 million at current prices, by selling Bitcoin options and collecting premiums to grow its cryptocurrency reserves.
Bitcoin has been on a strong performance, rising 2.84% to $63,970 in the past 24 hours after briefly approaching $60,000 last week.
Metaplanet's shares have also surged, rising 11% to 1,017 yen on Monday, while Japan's Nikkei 225 index rose 2.2% on the same day.
According to BitcoinTreasuries data, MicroStrategy, led by Michael Saylor, remains the largest institutional Bitcoin holder with 252,220 BTC, followed by Marathon Digital with 26,842 BTC.
Metaplanet’s continued investment in Bitcoin underscores its confidence in the long-term potential of the world’s largest cryptocurrency as both a reserve asset and a source of earnings through financial instruments such as options.
*This is not investment advice.