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Investing.com-- Metaplanet Inc (TYO:3350) said on Monday that it had purchased another 1,005 Bitcoin, raising the Japanese hotelier’s stash of the cryptocurrency to 13,350 coins and furthering its spot as the fifth-largest corporate Bitcoin holder.
The company said it acquired 1,005 Bitcoin for $108.1 million at an average of $107,601 per coin, bringing its total holdings up to 13,350 coins worth about $1.31 billion. The average purchase price of each coin is about $97,832, the company said.
Metaplanet also said it will issue 30 million yen ($208 million) worth of no-interest bonds to raise more funds, with the funds to be largely directed towards clearing other debt obligations.
Metaplanet shares were trading up nearly 9% after the announcement, while Bitcoin was up about 1% at $108,258.5 by 02:09 ET (06:09 GMT).
Metaplanet, which is listed on the Tokyo stock exchange, has been on a major Bitcoin buying spree over the past three months, having snapped up 10,000 Bitcoin since March.
The company is the world’s fifth-largest corporate Bitcoin holder, with its recent acquisition now putting it above Galaxy Digital (TSX:GLXY) and below crypto miner Riot.
Metaplanet appears to be largely mirroring a strategy followed by Bitcoin proponent Michael Saylor’s Strategy (NASDAQ:MSTR), which is to buy Bitcoin using debt and capital funding. Strategy clocked a massive spike in market capitalization over the past year, especially as Bitcoin prices took off on expectations of friendlier regulation under U.S. President Donald Trump.
Strategy holds a total 592,345 Bitcoin.