Tokyo-listed Metaplanet Inc (3350) has acquired an additional 775 bitcoin for 13.73 billion yen (approximately $94 million), as stated in its latest filing.

The acquisition, averaging at 17.72 million yen ($120,500) per bitcoin, brings its total to 18,888 BTC, approximately worth 284.1 billion yen ($1.95 billion). Following this, Metaplanet remains the seventh largest company in terms of bitcoin treasury.

Highlights:

• Shares surged 4% to 900 yen on Monday, even as Bitcoin dipped to $115,500.
• The company’s BTC stack of $2.18 billion effectively over-collateralizes $117 million in 0% bonds by 18.67x, representing its sole liability.

Metaplanet’s average acquisition cost is now at 15.04 million yen per BTC ($102,100), with a reported Bitcoin yield of 29.3% for this period, a decline from 129.4% in Q2. The net asset value multiple is approximately 2, marking the lowest since the commencement of its BTC accumulation.

As per Dylan LeClair, Director of Bitcoin Strategy, “Metaplanet holds $2.18 billion in BTC against just $120 million of outstanding 0% ordinary bonds. Our 19th Series Ordinary Bonds are 18.67x over-collateralized by our BTC position, being the only liability within our capital structure.”

Despite the recent dip in Bitcoin’s price, investor assurance in Metaplanet’s balance sheet strategy remains strong.