Japanese investment firm Metaplanet has made its largest number of Bitcoin purchases to date, following the acquisition of 107.913 BTC for approximately 1 billion yen (equivalent to $6.9 million), according to an Oct. 1 statement.

This marks Metaplanet's eleventh Bitcoin purchase since its first acquisition on April 23, according to data from Bitcoin Treasuries.

With this latest acquisition, the firm's total Bitcoin holdings now reach 506.745 BTC, valued at roughly $32.2 million. Recent disclosures reveal that Metaplanet has spent 4.75 billion yen (approximately $31.9 million) on Bitcoin purchases, with an average acquisition cost of 9.37 million yen (around $64,931) per BTC.

In the meantime, Simon Gerovich, Metaplanet's CEO, hinted at future Bitcoin acquisitions and revealed the firm's ambition to accumulate 1,000 BTC. He stated :

“As we enter the second week of rights warrant exercise, we kindly request your support in helping us ascend the list of top corporate Bitcoin holders. Our next goal is to surpass 1000 Bitcoin in our holdings.”

Currently, Metaplanet holds the position of the second-largest institutional Bitcoin holder in Asia, trailing only Hong Kong's Meitu Inc., which owns 940.9 BTC, according to Bitcoin Treasuries.

Meanwhile, MicroStrategy, led by Michael Saylor, remains the largest corporate Bitcoin holder globally, with a staggering 252,220 BTC in its possession.

Metaplanet stocks outperforms

Metaplanet's decision to embrace Bitcoin has proven highly successful, contributing to the company's stock outperforming traditional financial assets such as the US Dollar, Gold, and Japan's Nikkei share index.

On September 19th, Gerovich reported that the company's stock has experienced a significant increase of 443% since adopting the Bitcoin standard. In contrast, the Nikkei index, the US Dollar, and Bitcoin itself have all witnessed declines of 7.1%, 6.4%, and 10.1%, respectively. However, gold has shown a positive performance, rising by 17% during the same period.

Market analysts have attributed Metaplanet's strong performance to its exclusive Bitcoin treasury strategy , adopted in May as a hedge against yen volatility. Since then, the firm has made regular Bitcoin acquisitions, placing it among the top 25 institutional Bitcoin holders globally.