Japanese investment firm Metaplanet said Monday that it had bought more Bitcoin, this time scooping up 330 digital coins worth over $28 million. 

The Tokyo Stock Exchange-listed company now has 4,855 BTC, today worth over $422 million. 

Metaplanet CEO Simon Gerovich said on X that the company, which also has a hotel business, had spent $414.5 million buying its crypto, at an average price of $85,386 per Bitcoin.

The Tokyo-listed company—sometimes called “Asia’s MicroStrategy”—started buying Bitcoin last year, following a similar path to the publicly traded American software firm that pivoted from software development to accumulate bitcoin. Both firms have now rebranded themselves as Bitcoin treasuries that give investors exposure to the biggest cryptocurrency via its publicly-traded shares. 

Bitcoin was recently changing hands at about $87,200, up 2.8% over the past 24 hours, according to crypto data provider CoinGecko. BTC is up nearly 35% over the past year.

Eight days ago, Metaplanet boosted its Bitcoin holdings with a fresh 3.78 billion yen ($26.3 million) purchase. The Japanese firm has said that its plan is about not just about “embracing digital assets, but also about pioneering a future where finance meets innovation at its core.”

Strategy—formely MicroStrategy—holds 538,000 BTC, making it the largest corporate holder of the asset. On Monday, Strategy announced that it had added $555 million in Bitcoin, sending its total holdings to over $47 billion. It started buying bitcoin in 2020. 

Now, other companies are following suit in a bid to raise their stock value—with smaller companies on the Nasdaq putting Bitcoin and other cryptocurrencies on their balance sheets. 

But Metaplanet’s stock was down Monday—by nearly 1%—following the announcement. Since the company started buying Bitcoin in 2024, its stock has risen in price by over 1,200%. 

Last month, Metaplanet appointed Eric Trump, son of the U.S. president, to its newly formed Strategic Advisory Board, citing his “business expertise and passion for Bitcoin.”

Edited by James Rubin