Japanese investment firm Metaplanet has made another major Bitcoin purchase. In other words, the company announced the purchase of an additional $6.7 million worth of Bitcoin-1 billion yen for 108.8 BTC. That would push the total holdings in Bitcoin to 639.5 BTC, now valued at about $40.6 million.Â
This sets the average buying price of the coins at just under 9.2 million yen, a purchase that underlines growing confidence on the part of Metaplanet in using Bitcoin as a reserve asset. In total, the Tokyo-listed firm has spent nearly 6 billion yen on Bitcoin since adopting the cryptocurrency as a hedge against the yen’s volatility in May.Â
The new addition catapults Metaplanet into second place among listed companies in Asia by size of Bitcoin reserves, behind Hong Kong’s Meitu, which holds close to 941 BTC.Â
In addition to buying Bitcoin, Metaplanet has started selling Bitcoin put options to raise more funds for future purchases. On October 3rd, the firm sold 223 contracts, earning a premium of 23.972 BTC, valued at $1.44 million.Â
Metaplanet’s aggressive Bitcoin strategy seems to be paying off. The company’s stock rose 7.9% to 988 yen and has surged over 500% this year.Â
