Metaplanet’s total Bitcoin holdings now exceed 1,000 after Sunday’s latest acquisition, as it continues to wrap up its October spending on the world’s largest cryptocurrency.
The Tokyo-based company announced that it has acquired over 156 BTC for approximately $10 million, bringing its total holdings to 1,108 bits ($69 million).
Metaplanet, dubbed “Asia’s answer to MicroStrategy,” positions itself as a “pioneer in digital asset adoption in Japan,” having started holding Bitcoin on its balance sheet in April.
The announcement sent the company’s shares up 8% in early Asian trading, with the stock trading at 1,139 yen (US$7.41), according to Google Finance.
Bitcoin also rose by just 0.8%, trading at $67,645, according to CoinGecko data.
This milestone for the public company follows multiple purchases of over 600 BTC this month.
It started on October 1st and the company added 107 BTC for 1 billion yen ($6.6 million) at an average price of $61,932 per Bitcoin. Next, on October 7th, he purchased 108 BTC for approximately $6.7 million.
Then, on October 11th, another 108 BTC was picked up for $6.5 million, followed by another 106 BTC three days later.
Last week, Metaplanet followed in the footsteps of Michael Saylor’s software company MicroStrategy, the world’s largest Bitcoin holder, in adopting a metric known as “BTC yield.”
BTC Yield aims to provide a more transparent means of assessing whether Bitcoin purchases add shareholder value, and October has proven to be particularly bullish for the company.
Although Metaplanet’s 1,018 BTC holdings are still behind MicroStrategy’s 252,000 BTC, the Tokyo-listed company is steadily emerging as the world’s top choice for enterprise Bitcoin adoption.
Edited by Sebastian Sinclair
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