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Shares of Metaplanet, a publicly traded company listed on the Tokyo Stock Exchange and often compared to MicroStrategy, have surged 9.88% after the company announced its third Bitcoin acquisition, according to data from Google Finance.

Metaplanet’s shares jump after its third Bitcoin purchase

Metaplanet said Monday it had added 23.351 Bitcoin (BTC), worth around 250 million yen ($1.58 million), to its holdings. With the latest acquisition, the company now holds over 141 BTC, valued at approximately $9.54 million.

The fresh move, following the approval of the company’s board, also marks its third Bitcoin acquisition in two months. The company made previous purchases on April 23 and May 10.

The company’s average Bitcoin acquisition cost stands at around 10.27 million yen, roughly $65,300 per unit. Despite a recent downturn in Bitcoin’s price to around $67,500, Metaplanet’s investment strategy appears to be paying off.

The firm’s share price climbed to 89 yen at Tuesday’s close, a significant increase from 19 yen on April 9, when Metaplanet first announced its Bitcoin investment focus.

Metaplanet has reoriented its corporate strategy to focus on Bitcoin as its principal treasury reserve asset. This pivot comes as a response to Japan’s challenging economic conditions, characterized by high government debt, persistent negative real interest rates, and a weakening yen.

Yesterday, Canada-based DeFi Technologies said it started adding BTC to its treasury. The company bought 110 BTC, worth over $7.5 million at the time of purchase. Its shares ($DEFTF) jumped 11% following the announcement.

Global public companies hold a collective 308,688 bitcoins, with MicroStrategy at the forefront, owning 214,400 BTC, which constitutes over half of its market cap, as reported by BitcoinTreasuries.net.

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