Tokyo-listed investment firm, Metaplanet, has expanded its Bitcoin holdings with a new purchase of 1,234 BTC worth $133 million.

The acquisition pushed its total holdings to 12,345 BTC, secured at an average price of $98,303 per coin.

Metaplanets Bitcoin Strategy

With this latest addition, Metaplanet has now surpassed Tesla, which holds 11,509 BTC, to become the fifth-largest corporate holder of Bitcoin, as it continued with its aggressive accumulation strategy.

Announcing the latest milestone, Metaplanet CEO Simon Gerovich tweeted,

1, 2, 3, 4, 5 liftoff. We just climbed past Tesla on the BTC leaderboard. Bolder. Faster. Harder. Elon Musk meet you on Mars.

The move comes shortly after the firm raised ¥74.9 billion (approximately $515 million), a significant funding round aimed primarily at expanding its Bitcoin treasury.

The capital raise was facilitated through the exercise of 540,000 stock-acquisition rights by Metaplanets primary backer, EVO Fund, which resulted in the issuance of 54 million new shares. This represents nearly a third of the companys 20th warrant series, with a significant number of rights still unconverted.

The purchase also aligns with Metaplanets broader goal to acquire 1% of Bitcoins total capped supply of 21 million coins. This ambition would place it among the most committed corporate adopters of the worlds leading asset.

Metaplanets $5.4B 555 Million Plan

Earlier this year, the company unveiled its 555 Million Plan, wherein it proposed the issuance of 555 million new shares to raise roughly $5.4 billion for future bitcoin purchases. That plan represents a 92% dilution of existing shares and is part of a larger roadmap to amass 30,000 BTC by the end of 2025.

Looking further ahead, Metaplanet has outlined targets of reaching 100,000 BTC by 2026 and 210,000 BTC by 2027. This scale of accumulation is matched only by the business intelligence company Strategy, which is currently the top corporate holder with over 592,300 BTC.

Data from BitcoinTreasuries revealed that Marathon Digital Holdings stands second in line with 49,179 BTC, followed by Riot Platforms with 19,225 BTC, and CleanSpark with 12,502 BTC, respectively.