Japan’s MicroStrategy Continues Bitcoin Buying Spree

Metaplanet, Japan's MicroStrategy, has purchased an additional 108.786 Bitcoin for roughly $6.7 million, according to a recent announcement by CEO Simon Gerovich.

The publicly traded company already holds $40.6 million worth of Bitcoin, according to recent data.

Bitcoin is changing hands at $63,419 after adding 2.3% over the past 24 hours, according to CoinGecko data.  

The Tokyo-based investment advisor initially adopted a MicroStrategy-style Bitcoin investment strategy back in May.

The shares of Metaplanet are up more than 10% following the most recent Bitcoin purchase. 

Earlier this month, Gerovich predicted that every institution in the world would eventually end up having Bitcoin on its balance sheet. "It's not a matter of if, but when," he added.  

Recently, Metaplanet collaborated with SBI VC Trade, a subsidiary of Japanese financial behemoth SBI Group, for Bitcoin trading and custody. 

According to a recent report by River Financial, businesses currently holds more than 3% of Bitcoin's total supply.