Japan’s investment firm Metaplanet has increased its Bitcoin (BTC) holdings to over 1,000.

This follows a recent purchase of 156.7 BTC for approximately 1.6 billion yen, or about $10.4 million.

Metaplanet Shares Surge 7.18% Following Purchase

The acquisition, announced on Monday in an X post, brings Metaplanet’s total Bitcoin reserves to 1,018 BTC, valued at an estimated $68.8 million. From July 1 to September 30, the firm also reported a BTC yield of 41.7%, which accelerated to 155.8% between October 1 and October 28.

According to data from Arkham Intelligence, Metaplanet’s Bitcoin investment is showing impressive returns, boasting an unrealized gain of over $6 million due to the recent increase in the cryptocurrency’s price.

Investors have responded positively to the news, with the company’s shares rising 7.18% to 1,150 yen. According to Google Finance data, it marks a 16.04% increase in the last month and a 618.75% year-to-date gain.

The firm’s CEO, Simon Gerovich, spoke at the Bitcoin 2024 conference in July, revealing that the decision to invest in the cryptocurrency came at a crucial time. Facing a challenging balance sheet and significant debt, the company saw Bitcoin as a means to stabilize and improve its financial standing.

It first entered the Bitcoin market in May, driven by the need for a hedge against economic volatility. Inspired by MicroStrategy’s approach, Metaplanet has steadily increased its holdings, making several purchases over the past few months.

Bitcoin Buying Spree

In June, the outfit acquired 23.351 BTC for roughly