Metaplanet, a prominent Japanese investment entity, has augmented its Bitcoin (BTC) portfolio with an additional acquisition worth $1.2 million, advancing its ambitious $6 million strategy aimed at bolstering its digital treasury.

In a recently published communique on its official website, the Tokyo-headquartered firm disclosed the procurement of 200 million yen (equivalent to $1.2 million) in Bitcoin, enhancing its cumulative holdings to 161.3 BTC. This announcement was simultaneously echoed on the company’s social media profile on X, shortly after the Tokyo Stock Exchange concluded its trading session.

Merely a week prior, Metaplanet had articulated its intent to amplify its Bitcoin reserves by purchasing an additional $6 million worth of BTC. At that juncture, the firm already possessed Bitcoin holdings valued at $9 million, firmly positioning itself within the cryptocurrency market. The impetus behind this strategic pivot towards Bitcoin, as elucidated on Metaplanet’s website, stems from the evolving investment landscape influenced by the Covid-19 pandemic.

This Bitcoin acquisition strategy closely parallels the methodology employed by Tysons Corner, Virginia-based software colossus MicroStrategy. MicroStrategy has been systematically amassing Bitcoin for nearly four years and currently possesses over 226,000 BTC, representing more than 1% of the total Bitcoin supply that will ever be minted.

Subsequent to the announcement, Metaplanet’s shares experienced a modest appreciation, climbing by 1%.