Metaplanet, a Japanese company, has recently added 107 BTC to its portfolio, spending approximately $6.9 million at an average price of $64,168 per bitcoin, as reported by CoinDesk. This acquisition was financed through a loan from MMXX Ventures, allowing the firm to now hold over 500 BTC as a strategic reserve to mitigate risks associated with yen fluctuations and Japan’s national debt. Since beginning its bitcoin investment strategy in April, Metaplanet’s stock price has soared by an impressive 420%.

On Tuesday, Metaplanet confirmed the latest bitcoin purchase, facilitated by a $6.8 million loan secured in early August specifically for increasing its BTC holdings. The loan was granted by MMXX Ventures, a shareholder based in the British Virgin Islands, with the entire amount earmarked for bitcoin acquisitions.

In May, Metaplanet designated bitcoin as a reserve asset to counterbalance Japan’s rising debt and the associated volatility of the yen. The company’s initial bitcoin transactions started in April, involving 117.7 BTC valued at $7.19 million at that time. This makes Metaplanet one of the largest bitcoin holders among publicly traded firms in Asia, surpassed only by Hong Kong’s Meitu, according to Bitcoin Treasuries data. The average acquisition cost for its bitcoin holdings stands at 9,373,557 yen, or approximately $64,931.

This strategic move has resulted in a significant rise in Metaplanet’s stock, with the ratio of market capitalization to bitcoin holdings reaching a notable 20% on Tuesday. Despite a 3% dip in bitcoin prices overall, the firm’s share price has risen dramatically, benefiting its shareholders through consistent monthly increases in bitcoin value per share.