Metaplanet buys 518 bitcoins for $61 million, total supply reached 18,113 coins
Metaplanet acquired 518 bitcoins at an average price of $61.4 million, resulting in the value of its total supply reaching approximately $1.85 billion.
The company is the sixth largest corporate holder of bitcoins in the world after miner Riot Platforms and has steadily increased its purchases of the largest cryptocurrency in the world over the past year.
This strategy largely aligns with the approach of MicroStrategy Incorporated by Michael Saylor, which has utilized a series of successful stock issuances to increase its bitcoin holdings to 628,946 coins.
The strategy has proven to be quite successful for Microstrategy, now known as Strategy, as the company's stock price has largely followed the impressive rise in the price of bitcoin over the past year.
