Metaplanet, a company headquartered in Japan, has revealed intentions to buy an additional ¥250 million (around $1.6 million) worth of Bitcoin, approved by its board as part of its aggressive Bitcoin acquisition strategy.

This move will significantly increase Metaplanet’s Bitcoin holdings from its current 117.72 BTC valued at ¥1.2 billion ($7.7 million). Earlier this year, the firm declared Bitcoin as a central treasury asset, prioritizing a Bitcoin-first approach over traditional currency.

Metaplanet outlined its Bitcoin management strategy, stating that long-term acquisitions would be recorded at purchase cost, while short-term ones would be revalued quarterly based on market value. Unrealized gains or losses from short-term holdings would be reflected in non-operating income, ensuring transparency.

The strategic focus on Bitcoin has notably driven up Metaplanet’s shares, with a 287% surge year-to-date according to Google Finance data. Last week, Metaplanet’s share price reached 93 Japanese yen, nearing a $1 billion market cap, making it Japan’s top-performing stock for two consecutive days, as highlighted by Dylan LeClair, the director of Bitcoin strategy.