Metaplanet snapped up 463 Bitcoin on Monday, making it the first public company to capitalize on Bitcoin’s 5% weekend dip.

The Japanese investment company bought the Bitcoin (BTC) for 8 billion Japanese yen ($53.7 million), an average purchase price of about $115,895, Metaplanet said in a statement.

This brought Metaplanet’s Bitcoin holdings to 17,595 Bitcoin, worth over $2 billion, maintaining its position as the world’s seventh-largest corporate Bitcoin holder.

While Metaplanet may be the first public company to announce buying Bitcoin in August, it followed a huge week of corporate crypto buying.

In the last week of July, Cointelegraph found that 16 firms collectively added over $7.8 billion worth of crypto to their treasuries.

Inflows into spot US Bitcoin exchange-traded products also performed strongly in July, but saw $812.3 million worth of outflows to start August, one of its biggest outflow days in history.

Metaplanet remains focused on Bitcoin goal

Metaplanet’s purchase reflects the firm’s intent to keep accumulating Bitcoin despite recent macroeconomic indicators suggesting possible challenges ahead. 

The Simon Gerovich-led firm is now 8.4% of the way toward achieving its target of 210,000 Bitcoin — equivalent to 1% of the total supply — by the end of 2027.

Metaplanet following Saylor’s strategy again

On Friday, Metaplanet announced it would issue about $3.73 billion worth of perpetual preferred shares, a financial instrument that has been used aggressively by Michael Saylor’s Strategy to bolster its Bitcoin holdings above 628,700 BTC.

Saylor even referred to one of Strategy’s preferred stock offerings, tickered STRC, as the company’s “iPhone moment” after it raised $2.5 billion worth of funds for the firm.

Related: Crypto adoption in 2025 spurred by payments, AI: Survey

Perpetual preferred offerings provide companies like Strategy and Metaplanet long-term capital to fund Bitcoin purchases without diluting their common shares or adding debt.

Metaplanet’s preferred stock will offer up to a 6% annual dividend, depending on market conditions and investor demand.

More public companies enter Bitcoin stacking race 

Metaplanet currently trails Strategy, Mara Holdings, XXI, Bitcoin Standard Treasury Company, Riot Platforms and Trump Media in Bitcoin accumulation, according to BitcoinTreasuries.NET data. 

More Bitcoin companies are emerging, with 162 holding BTC on their balance sheets, up from 112 on May 26.

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