Metaplanet, a Japanese-based Bitcoin investment company, is continuing to expand its portfolio. The company has announced it will purchase 518 Bitcoins for around $61.4 million. Metaplanet, which is traded on the Tokyo Stock Exchange, was purchased at an average price of $118,519.
CEO Simon Gerovich said the company’s total Bitcoin holdings reached 18,113 BTC due to the latest purchase. He noted that the total cost is $1.85 billion and the average unit price is $101,911.
Metaplanet’s announcement follows the company’s announcement that its plan to issue 55.5 billion yen (approximately $3.7 billion) earlier this month will be issued to new permanent preferred shares. This fund will be used to support the company’s Bitcoin acquisition strategy.
According to data from Bitcointreasuries, Metaplanet currently holds the sixth largest Bitcoin holdings worldwide. At the top of the list is a strategy led by Michael Saylor. The strategy recently purchased 155 btc for around $18 million, bringing its total holding of 628,946 Btc.
Bitcoin is trading at $118,883, a 2.4% decline in the last 24 hours, but has risen 4% for a week. Metaplanet shares have fallen 1.6% as of noon on Tuesday, but have risen 183% since the start of the year, according to Yahoo Finance data.
*This is not investment advice.
