'Japanese MicroStrategy': Metaplanet buys 57 Bitcoin

Japanese investment firm Metaplanet has announced that they have bought another 57 Bitcoin. This is according to a new disclosure statement. The purchase cost the company 500 million yen, which is about 3.4 million U.S. dollars.

With this purchase, Metaplanet has completed their self-proclaimed mission to collect 1 billion yen worth of Bitcoin. This new purchase brings their total supply to 360.37 BTC. For this, they paid an average of about $59.365 per coin.

Metaplanet's next goal now is to buy 8.5 billion yen worth of BTC. So far, the company has spent a total of 3.45 billion yen on Bitcoin.

The regularity and size of their purchases has already earned Metaplanet the nickname "Japanese MicroStrategy" within the crypto community. Despite recent volatile market conditions, the company continues to consistently add more Bitcoin to their portfolio.

A strategy that is paying off so far. Since the announcement of their Bitcoin purchases in April of this year, the stock has risen 282 percent. And that's despite the recent crash in Japanese stock markets.

Despite significant purchases, the company is nowhere near the stocks of their great example MicroStrategy. Indeed, Bitcoin fan Michael Saylor's company owns a whopping 226,331 BTC - more than any other publicly traded company.