Metaplanet Inc., a Japanese company listed on the Tokyo Stock Exchange, on Tuesday announced a significant addition to its Bitcoin holdings.

What Happened: In its press release the company stated that it had purchased an additional 106.976 bitcoin (CRYPTO: BTC) for approximately 1 billion yen, worth $6.7 million at current exchange rates, at an average price of 9,347,891 yen per bitcoin.

This latest acquisition brings Metaplanet’s total bitcoin holdings to 855.478 BTC. The company’s aggregate investment in bitcoin now stands at 7.965 billion yen, approximately $53.3 million, at an average purchase price of 9,310,061 yen ($62,400) per bitcoin.

Metaplanet’s strategy aligns with a growing trend among publicly listed companies to incorporate cryptocurrencies into their financial strategies. This move is similar to actions taken by other major companies such as MicroStrategy.

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Why It Matters: Metaplanet’s latest bitcoin acquisition is part of a broader strategy that began earlier this year. In September, the company announced the purchase of 38.6 bitcoin for 300 million yen, equivalent to around $2.2 million, increasing its total holdings to 398.8 BTC. This move followed an August announcement where Metaplanet revealed plans to raise 10.08 billion yen to further bolster its bitcoin reserves.

Earlier this month, Metaplanet, referred to as “Asia’s MicroStrategy,” further expanded its Bitcoin portfolio by purchasing an additional 107.91 BTC valued at approximately $6.92 million.

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