Japanese financial powerhouse Metaplanet has unveiled a substantial acquisition of bitcoin (BTC), valued at 250 million yen ($1.6 million), augmenting its cryptocurrency reserves to 141 BTC, approximating a worth of $9.4 million. This revelation ignited a 9.9% surge in Metaplanet’s stock on Tuesday, marking its third acquisition since April 2024.

Last month, Metaplanet declared bitcoin as a reserve asset, aiming to mitigate exposure to the fluctuations stemming from Japan’s debt predicament and yen volatility. In 2023, Japan’s net debt to gross domestic product ratio soared to the highest in the G7, approximately 159%, as per Statista. In stark contrast, Canada maintained the lowest ratio at a mere 15%.

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Metaplanet’s strategic foray into bitcoin echoes the approach of Tysons Corner, Virginia-based software behemoth MicroStrategy (MSTR), which has amassed a staggering 214,400 BTC, valued at $14.3 billion since commencing its purchases in 2020, solidifying its position as the preeminent corporate bitcoin holder.