Japan’s Metaplanet surged 6% as Bitcoin stack neared 400 BTC.

Japanese investment firm Metaplanet bought more bitcoins, bringing its tally to nearly 400 bitcoins and sending its stock up 5.9% on the Tokyo Stock Exchange.

The firm said it bought 38.46 bitcoins (BTC) on September 10 for $2.1 million (300 million Japanese yen), bringing its total holdings to 398.8 bitcoins – $23 million.

This is Metaplanet's tenth Bitcoin purchase since April 23, according to Bitcoin Treasury data.

Metaplanet has reduced its total Bitcoin investment by 13.3%, as the cryptocurrency is currently trading at $57,520, an increase of 1.5% in the last 24 hours.

However, since announcing the Bitcoin investment strategy in early April, the stock price has risen 480%. MarketWatch displays data.

Metaplanet now holds the 27th largest Bitcoin holdings among corporations worldwide, including the third largest in Asia.

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The firm announced in May that it would adopt a “full range of capital markets tools” to bolster its Bitcoin reserves — much like the MicroStrategy playbook.

He followed the announcement on August 8 when he secured a $6.8 million (1 billion Japanese yen) loan to buy more bitcoins.

Metaplanet CEO Simon Jirovich explained at the Bitcoin Conference in July that the Bitcoin strategy aims to protect against Japan's worsening debt burden and rapidly depreciating Japanese yen.

“We understand that Bitcoin is the greatest financial asset [and] Great thing for our money […] We then made it our stated goal to buy and sell as many Bitcoins as we could over time.

Gerovich referred to Metaplanet as a “zombie” company before investing in bitcoin, and Microstrategy's Michael Saylor paved the way for corporate bitcoin adoption.

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