Metaplanet continues bitcoin buying spree with latest $61 million purchase

Reported by The Block: The Tokyo-listed firm announced today that it purchased an additional 619.7 BTC after it raised almost $61 million through bond issuance last week.

Japanese investment firm Metaplanet Inc. spent nearly $61 million to buy additional bitcoin as it remains bullish on the world’s largest cryptocurrency.

Metaplanet said on Monday that it bought an additional 619.7 BTC, or $58.9 million based on current market prices, for 9.5 billion yen ($60.6 million) at an average purchase price of 15.3 million yen ($97,786) per bitcoin.   This boosted the company’s total holdings to 1,761.98 BTC, or about $167.1 million.

The Tokyo-listed firm made its latest bitcoin purchase after raising 9.5 billion yen ($60.6 million) through two tranches of bond issuance last week to “accelerate bitcoin purchases.”

The company started adopting Bitcoin as a strategic treasury reserve asset in May and has since been on a buying spree.

Metaplanet’s stock closed down 0.98% at 3,540 yen on Monday in Japan, having risen 1,982% year-to-date, according to Yahoo Finance.

Bitcoin dropped 1% over the past 24 hours to trade at $95,221 at the time of writing, according to The Block’s price page.   Ether lost 1.2% to change hands at $3,292.   The Block's GMCI 30 index, which measures the performance of the top 30 cryptocurrencies, edged down 0.93% in the past day.

Meanwhile, MicroStrategy remains the largest public corporate bitcoin holder, owning 439,000 BTC, according to data from BitcoinTreasuries.