
Metaplanet disclosed Monday a $28 million jump in its Bitcoin holdings since it began buying up the asset, surpassing the company’s market capitalization at the start of the year.
Since late September, the Tokyo-based firm has more than doubled its Bitcoin acquisitions, increasing from 492.82 BTC to 1,018.17 BTC by mid-November, according to a Q3 financial report.
It’s a strategy that’s proven favorable for the firm as its comes amid a fresh crypto rally this year. Bitcoin is up by more than 105% this year to $87,000.
In October alone, Metaplanet acquired over 156 BTC for around $10 million, bringing its cumulative investment
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