Japanese bitcoin treasury firm Metaplanet is on a crypto-buying spree. The Tokyo-listed company just snapped up 518 BTC, roughly $61.4 million worth, bringing its total haul to an impressive 18,113 BTC. At an average price of $118,519 per bitcoin, that’s a hefty chunk of change!

CEO Simon Gerovich isn’t shy about their strategy.

“We’re not just buying BTC for the sake of it.”

He says, clearly keen on stacking more of the world’s favorite cryptocurrency. In total, Metaplanet’s BTC holdings have cost them around $1.85 billion, with an average purchase price of $101,911 per coin. Pretty solid, if you ask me.

The Market’s Rollercoaster Ride

But they’re not stopping here. The company is also raising a cool $3.7 billion by issuing new perpetual preferred shares. This will fund even more bitcoin acquisitions in the near future.

However, not all is rosy in the market. Bitcoin itself saw a 2.4% drop recently, trading at $118,883, although it’s up 4% over the past week. As for Metaplanet’s stock? It dipped by 1.6% on Tuesday, and it’s down 37% from last month. But hey, it’s still up 183% year-to-date, so it’s not all bad news.

Top 100 Public Bitcoin Treasury Companies
Metaplanet now ranks sixth globally in bitcoin holdings. Top 100 Public Bitcoin Treasury Companies. Source: BitcoinTreasuries

With 18,113 BTC in its vault, Metaplanet now ranks sixth globally in bitcoin holdings, trailing behind big players like Strategy, MARA, and Riot. And Strategy? It just bought another 155 BTC for around $18 million, because why not add more?

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