Tokyo-listed investment firm Metaplanet Inc. experienced a notable 9.88% increase in its shares on Tuesday, propelled by the announcement of its latest bitcoin acquisition. The company revealed that it had purchased an additional 250 million yen ($1.58 million) worth of bitcoin, causing its stock to surge in response to the strategic move.

According to a statement released on June 11, Metaplanet acquired 23.351 BTC, boosting its total bitcoin holdings to over 141.07 BTC, valued at approximately $9.54 million. This latest purchase follows previous acquisitions made on April 23 and May 10, demonstrating the firm's ongoing commitment to expanding its cryptocurrency portfolio.

The average purchase price per bitcoin was reported to be 10.27 million yen, equivalent to around $65,300. Despite Bitcoin's recent decline from last week's peak of nearly $72,000, Metaplanet's strategic investment decision has been met with positive market sentiment, with Bitcoin currently trading at $67,566, according to The Block’s bitcoin price page.

Metaplanet Inc.'s stock witnessed a remarkable surge to 89 yen per share at the closing of Tuesday's trading session, representing a significant short-term increase since the company's initial announcement of its focus on bitcoin investment on April 9. During that time, the stock was trading at approximately 19 yen per share.

The company's strategic shift towards a Bitcoin-centric vision is a response to the evolving investment landscape influenced by the pandemic. Metaplanet's comprehensive restructuring of its assets and businesses has paved the way for this strategic pivot, as highlighted on the company’s website.

Last month, Metaplanet declared its decision to adopt bitcoin as its strategic treasury reserve asset in light of the ongoing economic challenges in Japan. Factors such as high government debt levels, prolonged periods of negative real interest rates, and a weakened yen have prompted the firm to seek alternative stores of value, with bitcoin emerging as a preferred choice.

Metaplanet joins a growing list of public companies worldwide that have embraced bitcoin as part of their treasury reserves. According to BitcoinTreasuries.net, these companies collectively own 308,688 bitcoins. Leading the pack is Microstrategy Inc., with CEO Michael Saylor's firm holding 214,400 BTC, representing over 50% of its market capitalization. Metaplanet's strategic move aligns with this trend, underscoring the increasing mainstream acceptance and adoption of bitcoin as a legitimate asset class.