Metaplanet shares rose 6% following another Bitcoin (BTC) buy.

Japanese investment company Metaplanet Inc. It announced today that it has bought an additional 38,464 BTC for about 300 million yen ($2 million).

The Tokyo-listed company said the purchase would bring its total Bitcoin reserves to 398,832 BTC, worth about $3.75 billion ($26 million).

Metaplanet shares rose 5.87 percent.

Following the announcement, the company's stock rose 5.87% on Tuesday, trading at 1,101 yen, after hitting a high of 1,185 yen in the previous session, according to Google Finance data.

Metaplanet has made several Bitcoin purchases over the past few months. The firm announced in May that it had adopted the digital asset as a strategic asset.

*Metaplanet buys an additional 38.46$BTC* pic.twitter.com/vdnRt8O07c

– Metaplanet Inc. (@Metaplanet_JP) September 10, 2024

“The move is a direct response to continued economic pressures in Japan, particularly high government borrowing, a prolonged period of negative real interest rates and the resulting weakened yen.”

The investment strategy has been compared to that of MicroStrategy, an American software company run by Michael Saylor, who is currently the largest corporate bitcoin owner with more than 226,500 BTC, according to BitcoinTreasuries data.

Nicknamed “Asia's Micro Strategy,” the company uses strategies similar to those of the American trading firm, funding Bitcoin purchases through bond sales.

This latest purchase of 38.464 BTC follows previous purchases including 42.4 BTC in July, 19.87 BTC in May and 97.85 BTC in April. The company received a $6.8 million loan earlier this year to further increase its Bitcoin holdings.

Collaboration with SBI VC business

Similarly, the investment firm recently announced a partnership with SBI VC Business, the cryptocurrency arm of Japanese financial giant SBI Group.

The partnership gives Metaplanet access to a compliant corporate custody service designed to improve tax efficiency and uses Bitcoin as collateral.

SBI also reinforces the unique value of the coin with its non-political financial value by providing trading, storage and operational support.

According to the company's statement, this partnership is part of a wider engagement with leading industry stakeholders in Japan, all in support of the company's ongoing bitcoin inventory strategy.

On Monday, management also disclosed that it will exercise its 11th series of share repurchase rights and raise an additional 299.7 million yen. The company said the money will be used to buy more bitcoins.