Metaplanet, a publicly traded Japanese company, has purchased another ¥500 million ($3.7 million) worth of bitcoin. This latest purchase comes after the company secured a ¥1 billion loan last week to acquire bitcoin.

JUST IN: 🇯🇵 Japanese listed company Metaplanet acquires another ¥500 million in #Bitcoin photo.twitter.com/utiXEwsymM

— Bitcoin Magazine (@BitcoinMagazine) August 20, 2024

Metaplanet purchased 57,273 bitcoins at an average price of ¥8.73 million per bitcoin. This brings the total bitcoin holdings to 360,368 bitcoins, acquired for ¥3.45 billion ($25.6 million).

Metaplanet first announced plans to raise ¥10.08 billion in a public offering to fund Bitcoin purchases on August 6. A week later, it secured a ¥1 billion loan to purchase Bitcoin, which it has since used to buy over 100 Bitcoin.

The Japanese company is aggressively expanding its Bitcoin reserves by borrowing capital at low interest rates. This mimics the “buy Bitcoin” strategy of MicroStrategy, which has sold debt and equity since 2020 to amass more than 226,500 Bitcoin treasury.

Other public Bitcoin buyers that have recently raised capital include Marathon Digital Holdings, which sold $300 million in convertible notes to buy Bitcoin. Semler Scientific also issued equity and debt, in part to buy Bitcoin.

Metaplanet’s series of loans and equity offerings to finance Bitcoin purchases illustrate how publicly traded companies are using markets to stack sats. As Bitcoin grows in popularity, companies are treating it as a treasury reserve asset.

Disclaimer: Bitcoin Magazine is wholly owned by BTC Inc., which also UTXO managementa regulated capital allocator focused on the digital asset industry and invested in Metaplanet. UTXO invests in several Bitcoin companies and maintains significant holdings in digital assets.