Metaplanet, a publicly traded company on the Tokyo Stock Exchange often likened to MicroStrategy, saw a significant 9.88% surge in its shares following the announcement of its third Bitcoin acquisition, as per data from Google Finance.

The company disclosed on Monday that it had purchased 23.351 Bitcoin (BTC), valued at approximately 250 million yen ($1.58 million). This latest acquisition brings Metaplanet's total Bitcoin holdings to over 141 BTC, worth around $9.54 million.

Approved by the company's board, this marks Metaplanet's third Bitcoin purchase within two months, following previous acquisitions on April 23 and May 10.

Despite recent fluctuations in Bitcoin's price, with a recent dip to around $67,500, Metaplanet's investment strategy seems to be yielding positive results, with an average acquisition cost of approximately 10.27 million yen, or roughly $65,300 per unit.

Metaplanet's share price has seen a remarkable increase, climbing from 19 yen on April 9, when the company first announced its focus on Bitcoin investments, to 89 yen at Tuesday's close.

In response to Japan's challenging economic climate, characterized by high government debt, negative real interest rates, and a weakening yen, Metaplanet has restructured its corporate strategy to prioritize Bitcoin as its primary treasury reserve asset.

Similarly, Canada-based DeFi Technologies recently initiated its Bitcoin treasury strategy, acquiring 110 BTC, worth over $7.5 million, resulting in an 11% surge in its shares ($DEFTF).

Collectively, global public companies hold 308,688 bitcoins, with MicroStrategy leading the pack with 214,400 BTC, constituting over half of its market capitalization, according to BitcoinTreasuries.net.