Metaplanet acquires $61 million in Bitcoin amid ongoing investment strategy

Tokyo-based investment firm Metaplanet Inc. Announce On Monday, it purchased an additional 619.7 bitcoins, spending approximately $58.9 million at current market prices.

This acquisition brings the company’s total Bitcoin holdings to 1,761.98 BTC, worth approximately $167.1 million.

The latest purchase comes on the heels of Metaplanet’s recent bond issue, which raised approximately 9.5 billion yen ($60.6 million). The company indicated that the funds will be used to accelerate further Bitcoin acquisitions. The average purchase price for the latest batch of Bitcoin was reported at 15.3 million yen ($97,786) per coin.

Metaplanet has been increasing its investments in Bitcoin since it first adopted the cryptocurrency as a strategic treasury reserve asset in May.

This continued buying trend is consistent with the company’s bullish outlook on Bitcoin, which remains the largest cryptocurrency by market cap.

Despite these acquisitions, Metaplanet stock saw a 0.98% decline on Monday, closing at 3,540 yen ($22.52). However, year-to-date, the company’s stock is up roughly 1,982%, according to data from Yahoo Finance.

In the broader market, Bitcoin saw a 1% drop in value over the past 24 hours, trading at $95,221. Meanwhile, Ethereum also saw a decline, losing 1.2% to settle at $3,292. Cluster GMCI 30 indexwhich tracks the performance of the top 30 cryptocurrencies, fell 0.93% during the same time frame.

As of now, MicroStrategy holds the title of largest public company holder of Bitcoin, with a reported 439,000 BTC held. Information From BitcoinTreasuries.