Japanese investment firm Metaplanet has purchased an additional 21.88 BTC worth over $1.2 million for its Bitcoin treasury, bringing its total holdings to 225.611 BTC valued at approximately $14.2 million.
The acquisition comes amid a recent Bitcoin price surge that has driven the cryptocurrency close to $65,000.
Metaplanet, listed on the Tokyo Stock Exchange, has been actively accumulating Bitcoin since April as a hedge against economic adversities in Japan, such as high government debt, prolonged negative interest rates, and a weak yen.
The company’s stock surged 25.8% to $0.74 following the latest purchase and the 4% rise in Bitcoin’s price over the last 24 hours.
Metaplanet is often referred to as “Asia’s MicroStrategy” for its similar strategy of adopting Bitcoin as a reserve asset, following the playbook of Michael Saylor’s software firm MicroStrategy, the world’s largest corporate Bitcoin holder.