Japanese investment firm Metaplanet continues its Bitcoin accumulation strategy, purchasing $2 million worth of the cryptocurrency.

Tokyo-listed investment firm Metaplanet has purchased ¥300 million ($2 million) worth of Bitcoin, according to a recent filing on September 10. The company acquired over 38.4 BTC, bringing its total Bitcoin holdings to more than 398.8 BTC, valued at approximately $22.7 million at current market prices.

Metaplanet adopted Bitcoin as a reserve asset earlier this year and has increased its crypto investments amid Japan’s economic challenges and the depreciation of the yen. The Bank of Japan recently raised its benchmark interest rate to 0.25% to strengthen the yen after years of negative or near-zero rates. This move has prompted Metaplanet to diversify its reserves further into Bitcoin, a strategy often compared to U.S.-based MicroStrategy’s Bitcoin investments.

Just a week ago, Metaplanet announced a partnership with SBI VC Trade, a subsidiary of Japan’s financial giant SBI Group, to access corporate custody services and financing options using Bitcoin as collateral. This collaboration aims to enhance compliance and tax efficiency for the firm’s growing crypto portfolio.

Earlier this year, Metaplanet disclosed plans to raise $70 million through stock rights offerings, with 80% of those funds earmarked for further Bitcoin purchases. The company’s pivot toward Bitcoin has paid off for its shareholders, as Metaplanet’s stock has surged more than 545% year-to-date, benefiting from the growing appeal of Bitcoin as an alternative asset amid Japan’s ongoing financial uncertainty.

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