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Investing.com-- Metaplanet Inc (TYO:3350)on Monday disclosed it had purchased an additional 775 Bitcoin for $93 million, bringing the Japanese hotelier turned crypto treasury’s overall holdings to 18,888 Bitcoin.
Metaplanet said it purchased 775 Bitcoin at an average of $120,006 per coin. This brought its total stash to 18,888 Bitcoin valued at about $1.94 billion.
The purchases came as Bitcoin was walloped by a heavy wave of profit-taking late last week, which dragged the crypto from record highs of over $124,000. Bitcoin traded down 2.2% at $115,478.8 by 00:48 ET (04:48 GMT).
Metaplanet shares rose 1.5% in Tokyo trade.
Metaplanet is engaged in a series of capital raises aimed at increasing its Bitcoin holdings. The company had earlier in August said it will raise $3.7 billion in equity to fund additional Bitcoin purchases.
Metaplanet is the seventh-largest corporate Bitcoin holder, behind Trump Media & Technology Group Corp (NASDAQ:DJT).
The company’s Bitcoin adoption is largely in line with a strategy adopted by Michael Saylor’s MicroStrategy (NASDAQ:MSTR) (now Strategy), which used a host of capital raises and debt to fund its 628,946 Bitcoin treasury. The company is the world’s largest corporate Bitcoin holder, and has logged stellar gains in its valuation over the past two years, tracking a resurgence in Bitcoin.
Bitcoin hit a series of record highs this year, as the world’s biggest crypto benefited from increasing regulatory favor under the President Donald Trump administration.