Japanese investment firm Metaplanet has purchased more Bitcoin, bringing its stack to nearly 400 Bitcoin and sending its share price on a 5.9% rally on the Tokyo Stock Exchange.

The firm said on Sept. 10 that it purchased 38.46 Bitcoin ( BTC ) for $2.1 million (300 million Japanese yen) bringing its total stash to 398.8 Bitcoin — worth $23 million.

It’s Metaplanet’s tenth Bitcoin purchase since its first on April 23, according to Bitcoin Treasuries data.

Japan’s Metaplanet up 6% as Bitcoin stack nears 400 BTC image 0

Metaplanet’s Sept. 10 Bitcoin purchase statement. Source: Metaplanet

Metaplanet is down 13.3% on its total Bitcoin investment, as the cryptocurrency is currently trading at $57,520, up 1.5% over the last 24 hours.

However, its share price is up 480% since it unveiled its Bitcoin investment strategy in early April, MarketWatch data shows.

Japan’s Metaplanet up 6% as Bitcoin stack nears 400 BTC image 1

Metaplanet’s change in share price over the last six months on the Tokyo Stock Exchange. Source: MarketWatch

Metaplanet now boasts the 27th-largest Bitcoin stash among corporations worldwide, including the third most in Asia.

Related: Metaplanet, Semler Scientific were ‘zombie companies’ until Bitcoin, execs say

The firm announced in May that it would adopt an “entire range of capital market instruments” to bolster its Bitcoin reserves — similar to MicroStrategy’s playbook.

It followed through on the announcement on Aug. 8 when it secured a $6.8 million (1 billion Japanese yen) loan to buy more Bitcoin.

Metaplanet CEO Simon Gerovich explained at July’s Bitcoin Conference that its Bitcoin strategy aims to provide a hedge against Japan’s worsening debt burden and the fast-depreciating Japanese yen.

“We realized that Bitcoin is the apex monetary asset [and] something great for our treasury to have […] we then made it our stated goal to own and to purchase as much Bitcoin as we can over time.”

Gerovich referred to Metaplanet as a “zombie” company before investing in Bitcoin and credited MicroStrategy’s Michael Saylor for paving the way with corporate Bitcoin adoption. 

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