Metaplanet buys millions in Bitcoin again

The "Japanese MicroStrategy" strikes again and buys another 107 Bitcoin. Soon Metaplanet may break the 1,000 BTC barrier.

They can't resist: the Japanese company Metaplanet has bought Bitcoin again, this time for $6.7 million. For the 106.97 BTC, they paid an average of $62,580 each. Just a few days ago, Metaplanet announced another Bitcoin purchase. It seems they are taking every opportunity to further expand their BTC reserves.

In a new press statement lets Metaplanet know that total Bitcoin stock has now risen to 855.47 BTC, worth about $53.2 million. Metaplanet shares also reacted positively to the purchase, rising 8.6 percent from the previous day. Since the beginning of the year, the share price has actually increased by 531 percent.

By comparison, the value of Bitcoin itself has risen 53.3 percent in dollars this year. As a result, Metaplanet's stock acts almost as leverage on the BTC price. Yet the company is not yet overtaking Michael Saylor: his company, MicroStrategy, owns a whopping 244,800 BTC, worth about $16.45 billion, which is more than 1 percent of total circulation.

But an important milestone is approaching: Metaplanet needs only 144.53 BTC to reach the 1,000 BTC mark. Given their previous purchases, that probably only requires two more orders.