Metaplanet (3350) said it bought a further 269.43 bitcoin (BTC), strengthening its position as a major corporate holder of the cryptocurrency. The latest purchase, valued at 4 billion yen ($26.4 million), takes the Tokyo-based company’s holdings to 2,031.41 BTC.
The purchase is part of the company’s ongoing Bitcoin Treasury Operations; it started buying the largest cryptocurrency in April 2024 and has now made an aggregate investment of 24.9 billion yen at an average price of 12.2 million yen, it said in a document posted on its website.
The move aligns with Metaplanet’s commitment to increasing its bitcoin yield, a measure of the change in the ratio of BTC holdings to shares outstanding. The company achieved a yield of almost 310% in the fourth quarter, and its yield for the first quarter is currently 15.3%.
The purchase follows last month’s $745 million fund-raising exercise through the issuance of 21 million shares. The bitcoin-buying strategy mirrors that of corporate pioneers like MicroStrategy, and it becoming more popular in Japan’s financial sector. Last week, energy firm Remixpoint said it spent 9 billion yen buying bitcoin last year.
Among publicly traded companies, Metaplanet now has the 16th-largest stack, according to Bitcoin Treasuries. Metaplanet shares rose 2.2% to 6,040 yen on Monday.