Japanese investment firm Metaplanet Inc. has completed the purchase of an additional 108.7 Bitcoins worth 1 billion yen (about $6.7 million), reflecting the company's optimism about the prospects of the world's largest cryptocurrency. Metaplanet said the purchase increased its total Bitcoin holdings to 639.5, or about $40.6 million at current market prices.
The company made a purchase of 108.7 BTC at an average price of 9.19 million yen ($61,880) per token, bringing the average price for all existing Bitcoin to 9.32 million yen ($62,789).
Metaplanet has been aggressively buying Bitcoin in recent months, after announcing it would begin using Bitcoin as a strategic reserve asset in May. Last week, the company also purchased an additional 107.9 Bitcoin for $6.7 million.
Additionally, the company reported a 23.97 BTC gain (up 2.59%), or about $1.52 million at current prices, through the sale of Bitcoin options and premiums to increase its holdings.
In terms of market developments, Bitcoin has increased by 2.7% in the past 24 hours, trading at $63,672, after falling to nearly $60,000 at one point last week.
Shares of Metaplanet rose to a high of 1,045 yen on Monday before falling to current levels but were still up 7.86% on the day.
Data from BitcoinTreasuries shows that MicroStrategy continues to be the largest Bitcoin holder, with 252,220 BTC, while Marathon Digital comes in second with 26,842 BTC.
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