Metaplanet, the Japanese MicroStrategy, has purchased an additional 108.786 Bitcoins for approximately $6.7 million, according to a recent announcement from CEO Simon Gerovich.
According to recent data, the publicly traded company already holds $40.6 million worth of Bitcoin.
According to data from CoinGecko, Bitcoin is up 2.3% in the past 24 hours and remains at $63,419.
The Tokyo-based investment advisor first adopted a MicroStrategy-style Bitcoin investment strategy in May.
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Metaplanet stock is up more than 10% following recent Bitcoin purchases.
Earlier this month, Gerovich predicted that every institution in the world would eventually have Bitcoin on their balance sheets. “It’s not a question of if, but when,” he added.
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Recently, Metaplanet collaborated with SBI VC Trade, a subsidiary of Japanese financial giant SBI Group, on Bitcoin trading and storage.
According to a recent report from River Financial, companies currently hold over 3% of the total Bitcoin supply.
Unsurprisingly, US-based companies account for almost half of all corporate Bitcoin holdings. However, the Metaplanet example shows that this trend may be gaining momentum around the world.
According to River, the main concerns for companies holding Bitcoin are accounting and tax treatment. Custody, transaction risks, and regulatory uncertainty have also emerged as key obstacles to widespread adoption of Bitcoin by businesses.
Still, River believes corporate adoption of Bitcoin could eventually accelerate in the coming years. Under that optimistic scenario, U.S. companies are expected to convert more than $10 billion into flagship cryptocurrencies within two years.
