Japanese investment firm Metaplanet Inc. has announced the acquisition of an additional 107.913 BTC worth approximately a billion yen ($6.9 million).

This brings the company’s total Bitcoin holdings to 506.745 BTC, valued at roughly $32.2 million based on current market prices.

Metaplanet Stock Soars 2%

The Tokyo-listed firm disclosed that the latest purchase was made at an average price of 9.26 million yen, worth $64,168 per BTC. With this acquisition, Metaplanet’s cumulative investment in Bitcoin now stands at 4.75 billion yen ($31.9 million), with an average cost of 9.37 million yen ($64,931) per BTC.

Following this announcement, Google Finance data shows that the firms stock price rose by 2.12%, trading at 1,012 yen on the Tokyo Stock Exchange.

Metaplanet began its Bitcoin purchasing strategy in May when it decided to adopt the cryptocurrency as a key part of its treasury reserve. The firm has since increased its holdings in several large acquisitions, including 38.46 BTC in September, 42.4 BTC in July, 19.87 BTC in May, and 97.85 BTC in April.

It also secured a $6.8 million loan earlier this year to support its buying strategy, which was used to boost its cryptocurrency reserves.

This decision to invest heavily in the asset is a response to ongoing economic instability following the COVID-19 pandemic. Metaplanet has consistently increased its exposure to Bitcoin in response to concerns about inflation and currency devaluation, viewing the digital asset as a potential hedge against such risks.

Partnerships and Future Plans

Metaplanet’s investment strategy has been compared to that of U.S.-based MicroStrategy, led by Michael Saylor. MicroStrategy holds the largest amount of Bitcoin among publicly traded companies, with 252,220 BTC, according to data from BitcoinTreasuries. Marathon Digital is the second-largest corporate holder, with 26,200 BTC.

In September, the Japanese investment firm announced a partnership with SBI Holdings’ crypto division to improve its Bitcoin trading, storage, and management infrastructure. It also revealed plans to exercise its 11th series of stock acquisition rights, raising 299.7 million yen to purchase more of the cryptocurrency.

Additionally, it is reportedly exploring the tokenization of its shares on the Bitcoin layer-2 network, Liquid. The company’s shares are currently traded on the Tokyo Stock Exchange, which restricts access for U.S. investors.