Another Bitcoin (BTC) purchase by Metaplanet cost $6.9 million

Japanese investment company Metaplanet Inc. He announced that he had found an additional 107.913 BTC, worth about one billion yen ($6.9 million).

This brings the company's total Bitcoin holdings to 506.745 BTC, worth approximately $32.2 million at current market prices.

Metaplanet's stock rose 2 percent

The Tokyo-listed firm announced the new purchase at an average price of 9.26 million yen, which equates to $64,168 in BTC. With this purchase, Metaplanet's total investment in Bitcoin now stands at 4.75 billion yen ($31.9 million), with an average cost of 9.37 million yen ($64,931) per BTC.

Following this announcement, Google's financial data showed that the company's stock price rose 2.12 percent, trading at 1,012 yen on the Tokyo Stock Exchange.

Metaplanet began its Bitcoin buying strategy in May when it decided to accept the cryptocurrency as a key component of its treasury stock. The firm has since increased its holdings with several large purchases, including 38.46 BTC in September, 42.4 BTC in July, 19.87 BTC in May and 97.85 BTC in April.

It also received a $6.8 million loan earlier this year to support its acquisition strategy.

This decision to invest heavily in the property is a response to the ongoing economic uncertainty following the Covid-19 pandemic. Metaplanet has consistently increased its exposure to Bitcoin in response to concerns about inflation and currency declines, viewing the digital asset as a hedge against such risks.

Partnerships and future plans

Metaplanet's investment strategy has been compared to the American microstrategy led by Michael Saylor. According to data from BitcoinTreasuries, MicroStrategy holds the largest amount of bitcoin among publicly traded companies, at 252,220 BTC. Marathon Digital is the second largest corporate holder with 26,200 BTC.

In September, the Japanese investment firm announced a partnership with SBI Holdings' crypto division to improve Bitcoin trading, storage and management infrastructure. He also stated that he plans to use the 11th series of stock acquisition rights, raising 299.7 million yen to buy more cryptocurrency.

It is also reportedly exploring the tokenization of its shares on the Bitcoin Layer-2 network liquidity. The company's shares are currently traded on the Tokyo Stock Exchange, which limits access to US investors.