Tokyo-listed investment firm Metaplanet continues its aggressive Bitcoin acquisition strategy, adding more than 450 BTC to its holdings this month.
On October 15, Metaplanet CEO Simon Gerovich said announced the purchase of 106,976 BTC for 1 billion yen (approximately $6.7 million), paying an average of 9.3 million yen (approximately $62,520) for each coin.
This transaction is part of the company’s ongoing accumulation plan, which effectively doubled its Bitcoin holdings in October. On October 1, Metaplanet purchased 107.91 BTC for approximately $7 million. Shortly afterwards, the company achieved an additional premium of 23.97 BTC by selling 233 BTC put options on October 3.
Further acquisitions followed, including the purchase of 108,786 BTC on October 7 and another 108,999 BTC on October 11, each costing approximately $6.7 million (1 billion yen).
As of October 15, these purchases had increased Metaplanet’s total Bitcoin holdings to 855.5 BTC, worth over $56.1 million.
According to facts from blockchain analytics firm Arkham Intelligence, the company’s Bitcoin holdings are currently generating a profit of approximately $581,000.
Over the past 24 hours, Bitcoin’s price has risen almost 2% to $65,654 at the time of writing. This marks a recovery from the recent dip below $60,000 and continued trading within that range.
Meanwhile, Metaplanet’s Bitcoin buying strategy has also had a positive impact on the stock. Google Finance facts shows that the company’s share price rose 15% to 1,107 yen at the time of writing. Year-to-date, Metaplanet shares are up about 500%.
Metaplanet adopted Bitcoin in May as a reserve to hedge against the volatility of the Japanese yen. It now owns the second-largest Bitcoin holdings among Asian-listed companies, behind only Hong Kong-based Meitu, which owns 941 BTC.
Globally, both companies follow the US-based Michael Saylor-led MicroStrategy approach, which holds more than $16 billion worth of top cryptocurrencies, making it the largest public holder of the digital asset, according to Bitcoin Treasuries data.