Metaplanet Inc., a Japanese agency that has shifted its main focus from hospitality to bitcoin treasury administration, introduced the acquisition of 518 extra bitcoin for $61.4 million.
This brings the corporate’s complete bitcoin reserves to 18,113 cash, valued at roughly $1.85 billion at present costs.
With this newest acquisition, Metaplanet stays the sixth-largest company holder of bitcoin globally, surpassing many institutional rivals.
The agency has ramped up its bitcoin purchases over the previous 12 months, mirroring methods seen from different high-profile firms.
Following the MicroStrategy playbook
Metaplanet’s strategy carefully resembles that of MicroStrategy, which has famously gathered bitcoin by means of repeated share issuances.
MicroStrategy, now rebranded as Technique, presently holds over 628,000 BTC, making it the biggest public company holder.
Metaplanet lately introduced plans to boost $3.7 billion through a big inventory providing aimed toward additional growing its bitcoin holdings.
For a full overview of Metaplanet’s on-chain bitcoin place, see the Metaplanet bitcoin treasury tracker.
Market response and bitcoin value developments
Shares of Metaplanet fell by 2.4% following information of the acquisition, whereas bitcoin itself traded down 2.6% at $118,927 after nearing file highs above $123,000 earlier within the week.