Metaplanet, Japan’s top Bitcoin corporate treasury company, announced Monday that it has purchased an additional 1,111 Bitcoin, bringing its total holdings to 11,111 BTC.

According to a Monday regulatory filing, Metaplanet’s total holdings have reached 11,111 Bitcoin (BTC), putting the company’s BTC holdings within striking distance of Tesla’s current Bitcoin stash of 11,509 BTC.

Metaplanet spent 17.26 billion Japanese yen (about $117 million) on the purchase, paying an average of just under $105,500 per coin.

As of Monday, Bitcoin was trading just under $102,000 — about 3.3% below the purchase price, according to CoinMarketCap. Despite the short-term dip, Metaplanet’s average cost basis remains lower at $95,560 per coin.

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Metaplanet’s treasury keeps growing

The announcement follows Metaplanet’s purchase of 1,112 Bitcoin a week ago, which pushed the firm’s total Bitcoin holdings to 10,000 BTC. That purchase also came two weeks after Metaplanet became the eighth-largest corporate Bitcoin holder. 

It briefly fell to ninth place after mining firm Hut 8 increased its holdings, but has since regained eighth.

The next company in the ranking is Tesla, which has 11,509 BTC, just 398 BTC more than Metaplanet. Given its recent track record, Metaplanet could overtake Tesla’s holdings before the end of the month.

The next company is Bitcoin mining firm CleanSpark, with 12,502 BTC and 1,391 BTC more than Metaplanet’s current holdings.

Related: $5.1B Cardone Capital buys 1,000 Bitcoin, eyes another 3,000 BTC

Bitcoin treasuries like mushrooms after rain

Multiple publicly traded companies have decided to jumpstart their own Bitcoin treasuries or acquire new funding for existing ones. A few days ago, Bitcoin holding company Nakamoto Holdings secured $51.5 million of capital to acquire more Bitcoin.

Last Friday, Parataxis Holdings, an affiliate of digital asset-focused investment company Parataxis Capital Management, announced the launch of a Bitcoin-native treasury platform in the South Korean public market. Earlier this month, Norwegian crypto firm K33 announced plans to raise a minimum of 85 million Swedish krona ($8.9 million) through a share issue to fund its purchase of up to 1,000 Bitcoin for the company’s reserves.

Also, in Norway, the Norwegian Block Exchange crypto exchange saw its stock price jump over 138% in a single day after it said it was starting to buy and hold Bitcoin at the beginning of the month. Another recent example is the Paris-listed technology firm The Blockchain Group’s acquisition of 182 BTC for approximately $19.6 million, bringing its total holdings to 1,653 BTC as of June 18.

According to BitcoinTreasuries.NET, at least 237 public companies now hold Bitcoin, with more than 832,000 BTC combined — approximately 3.96% of the total supply of 21 million.

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