Japanese publicly traded investment firm Metaplanet (3350.T) has purchased an additional 1,234 Bitcoins, according to aThursday announcement.
The total holdings of the prominent Strategy copycat now stand at 12,345 Bitcoins (roughly $1.3 billion at current prices).
Metaplanet is currently the seventh-biggest corporate holder of the leading cryptocurrency. It recently surpassed e-car behemoth Tesla (TSLA) and Canadian mining company Hut 8. Notably, Metaplanet is the only Asian company in the top 10.
The Tokyo-based company, which was originally involved in hospitality, pivoted to Bitcoin last April with an initial purchase of roughly $6.5 million. The company has been financing its Bitcoin buys via a combination of bond issuances and equity raises.
The company previously announced that it is targeting 21,000 BTC by the end of 2026.
Earlier this month, Metaplanet said that itintended to raise a total of $5 billion for funding its Bitcoin purchases. The impressive sum will be primarily raised via equity warrants issued by its Florida-based unit, which makes it possible to gain access to American capital markets. In fact, it represents the biggest equity warrant issuance for a Japanese company. The shares experienced a double-digit rally earlier this week.
The company now intends to reach 210,000 BTC by the end of 2027. This would represent 1% of the total supply of the leading cryptocurrency.
Metaplanet intends to pass the 100,000 BTC milestone by the end of next year, which is far more ambitious than its previous target.
