Japanese bitcoin treasury firm Metaplanet has made its largest purchase to date, acquiring 5,419 BTC for approximately $632.5 million.

The acquisition was announced on Monday and marks a significant step for the company as it strengthens its position in the global bitcoin treasury landscape.

Acquisition details

Metaplanet CEO Simon Gerovich revealed the purchase was made at an average price of $116,724 per bitcoin.

With this latest addition, Metaplanet’s total bitcoin holdings now stand at 25,555 BTC, bought at an average price of $106,065 per coin for a total investment of about $2.71 billion.

This latest purchase moves Metaplanet into the fifth spot among public corporate holders, ahead of Bullish and behind Strategy, Mara, XXI, and Bitcoin Standard Treasury Company.

Expansion plans and income generation

Earlier in September, Metaplanet announced plans to raise $1.4 billion through the issuance of 385 million new shares, with all proceeds earmarked for further bitcoin acquisitions.

The company also recently approved a new U.S. subsidiary, Metaplanet Income Corp., which will focus on bitcoin derivatives and related income-generating activities.

Market reaction

Metaplanet’s stock price dropped 0.5% around midday Monday in Japan, despite the news.

The stock is down 27.5% over the past month, though it remains up nearly 74% year-to-date. Meanwhile, U.S.-traded shares closed up 3.81% at $4.09 on Friday.