Japan-based Metaplanet has announced plans to purchase an additional ¥250 million (approximately $1.6 million) worth of Bitcoin. This decision, approved by the company's board, continues Metaplanet’s aggressive Bitcoin acquisition strategy. Following this purchase, Metaplanet’s Bitcoin holdings will increase significantly from its current 117.72 BTC, valued at ¥1.2 billion ($7.7 million).

Earlier this year, Metaplanet declared Bitcoin a core treasury asset, committing to a Bitcoin-first and Bitcoin-only approach. The company indicated it would explore various financial options to accumulate BTC rather than holding onto the weakening yen.

Metaplanet outlined its Bitcoin management strategy, stating that long-term Bitcoin investments would be recorded at purchase cost, while short-term acquisitions would be revalued quarterly based on market value. Unrealized gains or losses from short-term holdings will be listed under non-operating income on the income statement, ensuring transparency and reflecting market changes accurately.

This strategic focus on Bitcoin has significantly boosted Metaplanet’s shares, with a year-to-date surge of 287%, according to Google Finance data. Last week, Metaplanet’s share price rose to 93 Japanese yen, nearing a $1 billion market cap. Dylan LeClair, the director of Bitcoin strategy, highlighted this achievement, noting that Metaplanet has been Japan’s top-performing stock for two consecutive days.