Japanese investment advisory firm Metaplanet continues to increase its Bitcoin holdings

Author: Sheldon Reback, CoinDesk; Compiler: Baishui, Golden Finance

• Metaplanet spent $1.2 million to buy more than 20.2 bitcoins as part of its strategy to increase its holdings of the world's largest cryptocurrency by market value.

• The investment is part of its strategy to buy another $6 million worth of bitcoin announced a week ago.

Japanese listed investment advisory company Metaplanet said it bought more than 20.2 bitcoins (BTC) as part of a $6 million strategy to increase BTC holdings in its vaults.

The Tokyo-based company said in a statement on its website that it purchased 200 million yen ($1.2 million) worth of bitcoin, bringing its total holdings to 161.3 BTC. The company posted a statement about the purchase on its account on social media platform X shortly after the Tokyo Stock Exchange closed.

A week ago, the company said it planned to increase its Bitcoin holdings by purchasing an additional $6 million worth of BTC. At the time, it already owned $9 million worth of the world's largest cryptocurrency by market value. According to Metaplanet's website, the focus on Bitcoin is due to the changed investment environment caused by the pandemic.

The Bitcoin accumulation strategy is similar to the approach taken by Tysons Corner, Virginia-based software developer MicroStrategy, which has been buying Bitcoin for nearly four years and now owns more than 226,000 Bitcoins, or more than 1% of all Bitcoins in circulation.

Metaplanet shares rose 1% ahead of the announcement.