Japan’s Metaplanet buys additional $2 million in bitcoin, raising total holdings to $26 million

Japanese investment firm Metaplanet Inc. announced today that it purchased an additional 38.464 bitcoin worth about 300 million yen ($2 million), as the company remains optimistic on the world’s largest cryptocurrency.

The Tokyo-listed firm disclosed in a statement that the latest purchase brought its total bitcoin holdings to 398.832 bitcoin, or about 3.75 billion yen ($26 million).

Bitcoin BTC +3.39% climbed 3.12% over the past 24 hours to trade at $56,732 at the time of writing after plunging to a low of around $52,700 earlier this week, according to The Block’s price page .

Metaplanet’s stock traded 4.42% higher on Tuesday in Japan, changing hands at around 1,086 yen after reaching a high of around 2,000 yen earlier today, according to Yahoo Finance. The stock is still trading in the afternoon session. The Nikkei 225 index remained nearly flat, edging up 0.02%.

Metaplanet has been on a bitcoin buying spree in recent months after announcing in May that it had started to adopt bitcoin as its strategic treasury reserve asset . “The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen,” the firm said at the time.

On Monday, Metaplanet announced that its management will exercise the 11th series of stock acquisition rights, with proceeds worth 299.7 million yen. “The funds received will be used to purchase bitcoins,” the company said.

Last week, Metaplanet also said that it has partnered with SBI VC Trade, the crypto arm of Japanese financial conglomerate SBI Group, for “access to a compliant corporate custody service that prioritizes tax efficiency and offers the potential to utilize bitcoin as collateral for financing.”

Meanwhile, Michael Saylor-led MicroStrategy remains the largest corporate bitcoin holder, owning 226,500 BTC, according to BitcoinTreasuries data . Marathon Digital follows this record with 25,000 BTC.