The Japanese investment firm Metaplanet Inc. announced the acquisition of an additional 38.464 BTC, valued at approximately 300 million yen ($2 million).
The average price of the latest cryptocurrency purchase was around 7.8 million yen ($54,786).
In total, the firm has spent 3.75 billion yen ($26 million) on 398.8 BTC. The average purchase price of the coins over time is approximately $66,000.
The company’s new strategy began in April. Following the “first step towards converting the treasury into the first cryptocurrency,” the public company’s shares rose by nearly 90%.
By mid-June, the firm’s bitcoin balance had already reached 141 BTC. In the same month, Metaplanet announced plans to issue unsecured bonds worth 1 billion yen ($6.26 million) to acquire digital gold.
In early August, the company allocated nearly $59 million for bitcoin purchases.
On September 9, Metaplanet announced a decision by management to exercise rights to acquire shares worth 299.7 million yen.
“The funds obtained will be used to purchase bitcoin,” company representatives clarified.
Last week, the company also announced a partnership with SBI VC Trade, the cryptocurrency division of the SBI Group conglomerate. As part of the collaboration, the firm will be provided with access to corporate-level custodial services focused on tax management efficiency, as well as the ability to use digital gold “as collateral for financial operations.”
Among public companies holding the first cryptocurrency, MicroStrategy has long been the leader, with 226,500 BTC valued at approximately $12.8 billion, according to BitcoinTreasuries.
In August, Metaplanet CEO Simon Gerovich urged to “always accumulate bitcoin.”