Metaplanet presses on with bitcoin purchases, adds another $43.9 million worth of BTC

Metaplanet, a Japanese investment firm that has adopted a bitcoin accumulation strategy, has spent an additional $43.9 million in acquiring 497 BTC.

The company disclosed on Wednesday that it purchased an additional 497 BTC at an average price of $88,448 per bitcoin, raising its total holdings to 2,888 BTC.

The Tokyo-listed firm noted that it acquired the 2,888 BTC at an average price of $83,172 per bitcoin, for a total of about $240.2 million. These bitcoin holdings are worth $251 million, so the firm’s strategy has resulted in paper profits.

Metaplanet's latest bitcoin acquisition comes just two days after it purchased 156 BTC on Monday for $13.4 million. The company has been on a bitcoin buying spree since it announced its bitcoin acquisition strategy in April 2024. It officially designated its bitcoin treasury operations as a core business line in December. 

The company has seemed to accumulate bitcoin holdings aggressively, aiming to acquire 10,000 BTC by the end of 2025 and 21,000 BTC by the end of 2026.

Metaplanet's stock has risen 17% so far on Wednesday in Japan and continues to trade in the afternoon session. The Nikkei 225 index edged up 0.55% so far today.

Bitcoin gained 4% over the past 24 hours, according to The Block's price page, to trade at $86,943 at the time of writing.