The publicly traded company Metaplanet announced the purchase of 23.351 BTC ($1.58 million), raising its total Bitcoin holdings to 141.07 BTC ($9.54 million).
The firm’s shares responded with a 9.88% increase.
This latest Bitcoin acquisition follows previous transactions on April 23 and May 10.
The average purchase price for 1 BTC was 10.27 million yen, or approximately $65,300.
In April, Metaplanet announced the conversion of treasury funds into digital gold.
At that time, the company explained to investors that the decision to convert capital into cryptocurrency was due to the persistent weakening of the yen as a result of negative interest rate policies. Despite its volatility and downturns, Bitcoin has shown consistent growth over the years. The firm expects digital gold to continue outperforming the Japanese currency.
According to BitcoinTreasuries, public organizations collectively hold nearly 1.5% of all available Bitcoin. In this regard, they lag behind ETF issuers (5.13%), governments (2.697%), and private companies (2.502%).
Among public market participants, MicroStrategy leads with 214,400 BTC ($14.39 billion) on its balance sheet.
Michael Saylor’s company was the first publicly traded firm to begin converting reserves into Bitcoin in August 2020. Following a purchase of 9,245 BTC for $623 million in March 2024, its cryptocurrency holdings reached 214,246 BTC—over 1% of the total supply. The company last added an additional 122 BTC to its balance in April 2024.
At the end of March, MicroStrategy’s stock prices hit a 24-year high amid the recovery of Bitcoin’s price.