Japanese investment company Metaplanet acquired an additional 780 Bitcoin, bringing its total holdings to 17,132 BTC at an average purchase price of $118,145 per coin. The company has spent $1.7 billion on Bitcoin so far. Bitcoin is currently trading at $118,171, with a 0.75% increase in the past 24 hours.

Metaplanet plans to use its Bitcoin reserves to acquire cash-generating businesses, potentially including a digital bank in Japan. The company solidifies its position as the leading Bitcoin treasury not based in the US. Metaplanet ranks seventh globally in Bitcoin holdings, behind companies like Truth Social and Galaxy Digital Holdings.

Metaplanet’s stock price has surged 517% in the past year and 246% year-to-date, reaching $8.36 per share. CEO Simon Gerovich expressed surprise at the company’s rapid growth, emphasizing their unique Japan-native model tailored to local regulations and tax laws. Metaplanet offers Bitcoin exposure compliant with Japan’s tax-free savings accounts.

Read more at Cointelegraph: Metaplanet buys 780 BTC, now holds 17,130 BTC