• Metaplanet spent $1.2 million to buy more than 20.2 BTC as part of its strategy to build up holdings of the world's largest cryptocurrency by market cap.
• The investment is part of its strategy, announced a week ago, of buying another $6 million worth of BTC.

Metaplanet (3350), a publicly listed Japanese investment adviser, said it bought more than 20.2 bitcoin (BTC) as part of a $6 million strategy to boost BTC holdings in its treasury.

In a statement on its website, the Tokyo-based company said it bought 200 million yen ($1.2 million) worth of bitcoin, taking its total holdings to 161.3 BTC. It posted a statement about the purchase to its account on social media platform X shortly after the close of trading on the Tokyo Stock Exchange.

A week ago, the company said it planned to increase its bitcoin holdings by buying an additional $6 million worth of BTC. At the time, it already owned $9 million worth of the world's largest cryptocurrency by market cap. The focus on bitcoin was engendered by changes in the investment environment resulting from the Covid pandemic, according to the Metaplanet website.

The bitcoin-accumulation strategy mirrors the approach taken by Tysons Corner, Virginia-based software developer MicroStrategy, which has been buying BTC for almost four years and now owns over 226 BTC, more than 1% of the entire number of bitcoin that will ever be issued.

Metaplanet shares rose 1% before the announcement.