Japan’s investment powerhouse, Metaplanet Inc., witnessed a remarkable 21% rise in its stock price during Monday’s morning trading, following the revelation of its latest bitcoin acquisition.

The Tokyo-listed entity proclaimed the procurement of an additional 20.381 BTC, approximately 200 million yen ($1.27 million), thereby augmenting its total bitcoin holdings to 245.992 BTC. This move marks the culmination of Metaplanet’s initial strategy, unveiled on June 24, to invest 1 billion yen in bitcoin.

Read more: Metaplanet Amplifies Bitcoin Holdings with $1.2M Acquisition as Strategic Investment Unfolds

Metaplanet’s shares soared about 21% in the morning session, according to Google Finance. In May, the firm declared its strategic adoption of bitcoin as its treasury reserve asset, attributing the decision to Japan’s enduring economic challenges, including high governmental debt, prolonged negative real interest rates, and a depreciating yen.

Over recent months, Metaplanet has consistently expanded its bitcoin portfolio. Records from Bitcointreasuries.net reveal multiple acquisitions on April 23, May 10, June 11, July 1, July 8, and July 16. The company disclosed that the average acquisition cost of its bitcoin holdings stood at 9.96 million yen (around $63,250) per bitcoin.

Metaplanet’s strategic maneuvers underscore a proactive response to economic pressures, positioning bitcoin as a pivotal component of its financial strategy.