Metaplanet Inc, an investment firm based in Tokyo, Japan has hit its target of accumulating ¥1 billion worth of Bitcoin (BTC). The company said it was able to meet its investment target following the purchase of an additional 20.381 BTC.
Metaplanet’s Recent Bitcoin Purchase
As revealed in an announcement, the 20.381 BTC recently purchased by Metaplanet was bought at an average price of ¥9,813,061 ( approximately $62,500) per coin. For this transaction, the company spent ¥200 million (almost $1.3 million). “With this purchase, we have completed the purchase of ¥1 billion worth of Bitcoins,” the firm disclosed.
To hit this milestone, Metaplanet purchased 104.919 Bitcoin at an average price of ¥9,531,162 per Bitcoin. Consequently, the firm’s total BTC holds have risen to 245.992 BTC valued at approximately $16.4 billion, at the current market price.
Metaplanet’s Effort Towards Achieving Its Target
It is worth emphasizing that Metaplanet’s recent success is the product of hard work and purposeful effort. Upon announcing its BTC investment target on June 24, the firm quickly created a subsidiary in the British Virgin Islands (BVI) to improve its Bitcoin management strategy.
Before this, the Japanese firm had increased its Bitcoin exposure with notable Bitcoin purchases. As previously reported by The Coinrise, the firm acquired 23.35 BTC to its Bitcoin holdings in June. Shortly after, Metaplanet bought an additional 42.47 BTC at an average price of price of ¥9,419,300 per coin.
With its Bitcoin accumulation strategy, Metaplanet aims to participate in the ongoing digital transformation in the financial market. The firm is following the footsteps of the business investment firm MicroStrategy in its bold Bitcoin accumulation moves.
Data compiled by BitcoinTreasuries as of June 20, shows MicroStrategy held a total of 226,331 BTC valued at $15.24 billion.
Metaplanet’s Stock Rises Steadily
At press time, shares of Metaplanet have experienced a surge of 19% in the past day, to trade at ¥173. Earlier in the day, the stock trading under the 3550 ticker on the Tokyo Stock Exchange changed hands for ¥195, marking a 34% gain from Friday’s closing price.
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