Metaplanet, the Japanese hotelier that has been scooping up bitcoin BTC, has become the fifth largest corporate holder of the largest cryptocurrency, racing past Elon Musk's Tesla.

The Tokyo-listed firm bought 1,234 BTC for $133 million at an average price of $107,877. The latest buy has taken Metaplanet's bitcoin stash to 12,345 BTC at an average price of $98,303.

Metaplanet has been steadily acquiring bitcoin, a strategy that has been copied by a host of firms across the world. The bitcoin reserve strategy was pioneered by Michael Saylor's Strategy, which remains the largest corporate holder of bitcoin with over 570,000 BTC.

Metaplanet's latest buy takes its past Tesla's bitcoin holdings of 11,509 BTC, with the firm only trailing behind large crypto firms, such as MARA, Riot, Galaxy and Strategy.

Read more: Metaplanet Raises $515M, Blockchain Group Adds $4.8M in Bitcoin Treasury Equity Moves

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