Japanese investment firm Metaplanet Inc. has announced its purchase of an additional 57.273 bitcoin, valued at approximately 500 million yen ($3.4 million), as part of its ongoing strategy to accumulate the cryptocurrency. This acquisition follows the company’s earlier announcement on August 8 that it had secured a 1 billion yen ($6.8 million) loan specifically for the purpose of buying more bitcoin. With this latest purchase, Metaplanet has now fully utilized the loan, bringing its total bitcoin holdings to 360.368 BTC.

The Tokyo-listed firm has embraced bitcoin as its strategic treasury reserve asset, a decision driven by Japan’s challenging economic conditions. In May, Metaplanet cited the country’s high government debt levels, prolonged periods of negative real interest rates, and the weakening yen as key factors influencing its move towards bitcoin. By adopting this strategy, the company aims to hedge against these economic pressures while increasing its exposure to the world’s leading cryptocurrency.