Metaplanet, Japan’s largest Bitcoin-holding public company, has added another 1,111 BTC to its treasury, spending 17.26 billion yen (around $117 million) at an average of just under $105,500 per coin. This brings Metaplanet’s total holdings to 11,111 BTC, only 398 coins behind Tesla’s 11,509 BTC stash.

The aggressive accumulation puts Metaplanet on track to soon surpass Tesla and become the second-largest corporate holder of Bitcoin. Despite Bitcoin’s price dipping slightly to just under $102,000 at the time of purchase, Metaplanet still maintains a lower overall average cost basis of $95,560 per coin, reflecting a long-term bullish strategy.

This latest purchase follows a series of rapid acquisitions by Metaplanet, including a 1,112 BTC buy just a week prior. That move cemented its place among the top Bitcoin-holding public firms and helped it reclaim the number eight spot after briefly dropping to ninth behind mining firm Hut 8.

With 12,502 BTC, CleanSpark currently ranks above Tesla and Metaplanet, but Metaplanet’s pace suggests it could challenge that position soon.

Across the globe, corporate Bitcoin treasuries are expanding at a rapid pace. Norway's K33 is raising funds to buy 1,000 BTC, while The Blockchain Group in Paris recently acquired 182 BTC. Meanwhile, South Korea’s Parataxis Holdings has launched a new Bitcoin-native treasury platform, and Bitcoin holding firm Nakamoto Holdings just secured $51.5 million to expand its reserves.

According to BitcoinTreasuries.NET, over 240 publicly traded companies now collectively hold more than 832,000 BTC — nearly 4% of the total Bitcoin supply. As institutional appetite grows, corporate Bitcoin arms races like this could become the new norm.