Metaplanet, a Japanese investment firm, has recently acquired over $168 million worth of Bitcoin through a recent purchase of BTC. The firm made the decision to start accumulating this top crypto asset after announcing a change in its treasury management strategy earlier this year. Over the weekend, Metaplanet purchased a total of 156.78 BTC.

In a statement, Metaplanet explained, “This decision was made in response to ongoing economic challenges in Japan, such as high government debt levels, extended periods of negative real interest rates, and a weakening yen. Metaplanet’s strategy now focuses solely on Bitcoin, with the intention of using long-term yen liabilities and periodic share issuances to continuously increase their Bitcoin holdings instead of holding onto the depreciating yen. This approach is aimed at enhancing shareholder value over the long term on a per Bitcoin basis.”

With a total of 1,018 Bitcoin in their possession, Metaplanet now holds the title of being the largest corporate BTC holder in Japan, the second-largest in Asia, and the 19th-largest in the world, according to BitcoinTreasuries.net. At the time of writing, Bitcoin is trading at $72,681, showing a more than 4% increase in the past 24 hours and nearly 8% increase in the past week.

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