Japan’s Metaplanet buys an additional $6.7 million in bitcoin, raises total holdings to over $40 million

Japanese investment firm Metaplanet Inc. has purchased an additional 108.786 bitcoin for 1 billion yen ($6.7 million), as the firm remains optimistic about the outlook of the world’s largest cryptocurrency.

In a statement released on Monday, the Tokyo-listed firm said that with the latest bitcoin purchase, it has expanded its total holdings to 639.503 bitcoin, or about $40.6 million based on current market prices.

Metaplanet said that it bought the additional 108.786 bitcoins at an average price of 9.19 million yen ($61,880) per bitcoin and all its bitcoins at an average price of 9.32 million yen ($62,789).

Metaplanet has been on a bitcoin buying spree in recent months after announcing in May that it had started to adopt bitcoin as its strategic treasury reserve asset. Last week, Metaplanet announced it purchased an additional 107.913 bitcoin for 1 billion yen ($6.7 million).

Also last week, the company reported earning 23.972 BTC, about $1.52 million at current prices, by selling bitcoin options and collecting premiums to boost its holdings.

Bitcoin climbed 2.84% over the past 24 hours to change hands at $63,594 at the time of writing after dipping near $60,000 last week, according to The Block’s price page.

Metaplanet’s stock surged 11% to 1,017 yen so far on Monday in Japan, according to Google Finance. The stock is still trading in the afternoon session. The Nikkei 225 index climbed 2.2% so far today.

Meanwhile, BitcoinTreasuries data shows that Michael Saylor-led MicroStrategy remains the largest corporate bitcoin holder, owning 252,220 BTC. Marathon Digital follows this record with 26,842 BTC.