Metaplanet, the Japanese investment firm drawing comparisons to MicroStrategy for its aggressive Bitcoin accumulation strategy, has further solidified its bullish stance on the leading cryptocurrency with another significant purchase. The company announced on Monday the acquisition of an additional 1,004 Bitcoin (BTC), valued at $104.3 million.
According to CEO Simon Gerovich, the latest purchase was made at an average price of $103,873 per Bitcoin. This acquisition brings Metaplanet’s total Bitcoin holdings to 7,800 BTC, acquired for approximately $712.5 million at an average cost of $91,343 per Bitcoin. Based on current market prices, the company’s total Bitcoin assets are now valued at around $806 million.
Metaplanet’s continued accumulation comes amidst a recent rally that has seen Bitcoin trade near its all-time high. At the time of writing, Bitcoin was trading relatively flat over the past 24 hours at $103,343, according to The Block’s price page.
The Tokyo-listed firm initiated its Bitcoin treasury strategy in April 2024 and has been steadily increasing its holdings with a stated goal of reaching 10,000 BTC by the end of 2025.
Metaplanet has been funding its Bitcoin purchases through multiple bond issuances. Just last week, the company announced a $15 million offering, marking its 15th sale of ordinary bonds.
Currently, Metaplanet stands as the largest publicly listed corporate Bitcoin holder in Asia and ranks 11th globally, according to data from Bitcointreasuries.net. MicroStrategy, under the leadership of Michael Saylor, remains the top corporate holder with 568,840 BTC.
Following the announcement of its latest Bitcoin acquisition, Metaplanet’s stock has seen a significant jump in Japan, rising 12.2% so far on Monday with trading still in progress, according to Yahoo Finance.
