Japanese investment firm Metaplanet has bought $6.7 million worth of Bitcoin, adding 108.99 BTC to their expanding cryptocurrency reserves.

On Oct. 11, Metaplanet invested ¥1 billion or equal to $6.7 million in Bitcoin(BTC) reserves. This brings the company’s holdings in cryptocurrency to 748.50 BTC, which is currently valued at $45.65 million.

This marks the Tokyo-based hotel operator turned investment firm’s third ¥1 billion investment into their Bitcoin holdings since the start of this month. Previously, the firm purchased 108.786 BTC on Oct. 7, which brought their total Bitcoin reserves to 639.50 BTC or $40.54 million based on the market prices at the time of purchase.

On Oct. 9, Metaplanet CEO Simon Gerovich posted a chart showcasing Metaplanet’s Bitcoin reserves compared to those owned by other companies across the globe, including Microstrategy, Tesla, and Marathon Digital.

“Expect us to take up more space soon alongside some Bitcoin titans!” Gerovich wrote on his X post.

On the chart, the company that holds the largest Bitcoin reserves is Microstrategy with 252,220 BTC since its last purchase on Sept. 20 of 7,420 BTC.

Metaplanet has been dubbed “Asia’s MicroStrategy” by market proponents after the firm followed in the footsteps of the U.S AI analytics firm.

Metaplanet announced that it will continue to diversify its Bitcoin holdings in May 2024, when Japan was plagued by high government debt levels, negative real interest rates, and a weaking national currency.

In order to keep up with this mission, Metaplanet has partnered with Singaporean digital asset trading firm QCP Capital and Japan’s SBI VC Trade.

The Japanese investment firm sold 223 contracts worth $62,000 put option to the Singaporean firm, earning Metaplanet a profit of 23.97 BTC in option premium. While Metaplanet’s partnership with SBI VC Trade offers the firm corporate custody services and financing options using Bitcoin as collateral.

Metaplanet is not the only Japanese firm taking steps to invest in cryptocurrency. According to a June survey by Nomura and Laser Digital, over 500 investment managers in Japan have expressed interest in digital asset investments.

The survey found that nearly 50% of respondents are also open to using stablecoins for settlements and daily transactions.

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