Japan’s Metaplanet boosts Bitcoin reserves to nearly 400 BTC

Japanese investment firm Metaplanet continues its Bitcoin allocation, this time purchasing $2 million worth of the cryptocurrency.

Tokyo-listed investment firm Metaplanet has purchased ¥300 million ($2 million) worth of Bitcoin, continuing its aggressive Bitcoin (BTC) accumulation strategy, according to a filing dated Sept. 10. The company purchased more than 38.4 BTC, bringing its total Bitcoin holdings to over 398.8 BTC, worth around $22.7 million at current market prices.

Metaplanet, which adopted Bitcoin as a reserve asset earlier this year, has been ramping up crypto investments amid Japan’s economic woes and the yen’s depreciation. 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. The move spurred Metaplanet’s decision to further diversify its reserves 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 Japanese financial giant SBI Group, to access institutional custody services and financing options using Bitcoin as collateral. The collaboration aims to increase compliance and tax efficiency for the firm’s growing crypto portfolio.

Earlier this year, Metaplanet announced plans to raise $70 million through a rights offering, with 80% of those funds earmarked for further Bitcoin acquisitions. The company’s move into Bitcoin has paid off for its shareholders, with Metaplanet’s stock up more than 545% since the beginning of the year and benefiting from Bitcoin’s growing appeal as an alternative asset amid Japan’s ongoing financial uncertainty.