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The firm now holds over 500 bitcoin after a first tranche of purchases in April.

Japanese investment firm Metaplanet has disclosed an additional bitcoin {{BTC}} purchase worth 250 million yen ($1.58 million), taking its total holdings up to 141 BTC ($9.4 million).

Metplanet to issue one-year bonds to finance BTC purchases.

The company's stock is the best-performing Japanese equity this year, having gained nearly 840%, according to Investing.com.

The announcement comes at a time when Japan's fiscal crisis is said to be playing out in the currency market.

The announcement comes at a time when Japan's fiscal crisis is said to be playing out in the currency market.

MetaPlanet completes its 11th series of stock acquisition rights, with Evo Fund securing a 14.9% ownership stake after exercising its stock acquisition rights.

MetaPlanet completes its 11th series of stock acquisition rights, with Evo Fund securing a 14.9% ownership stake after exercising its stock acquisition rights.

Metaplanet began as Red Planet Japan, a budget hotel operator, before pivoting to become a Web3 developer.

Metaplanet said it was adopting bitcoin as a reserve asset to hedge against the volatility of the yen in May and had accumulated a total of 360 BTC by mid-August.