Metaplanet (3350), a Tokyo-listed investment and operating company focused on bitcoin treasury management, bought another 4,279 bitcoin BTC$87,400.28 in the fourth quarter, spending a total of $451 million, it said in a post on X.

The purchase, at an average price of $105,412, took its total to 35,102 BTC, the fourth largest of any publicly traded company. It has a target of owning 210,000 BTC by the end of 2027.

Metaplanet has now spent some $3.78 billion, at an average purchase price of $107,607, according to the company’s dashboard. The company’s shares rose 8% this year, to close at 405 yen ($2.60). Still, they’re down 80% from the all-time high they touched in June.

The company has also built a bitcoin income generation business that uses derivatives to produce recurring revenue while supporting long-term bitcoin holdings. The company said it expects the unit to generate around $55 million in revenue for the full fiscal year.

The firm’s multiple to net asset value (mNAV), a metric that measures a company’s enterprise value relative to its bitcoin net asset value, calculated as market capitalization plus total debt divided by bitcoin NAV hovers just above 1.