Metaplanet Inc., a Tokyo Stock Exchange-listed company, has expanded its Bitcoin holdings by purchasing 42,466 BTC for 400 million Japanese yen.

With this purchase, Metaplanet's total Bitcoin holdings now amount to 203,734 BTC.

The company aims to hedge against Japan's economic challenges and yen volatility, influenced by industry experts and firms like MicroStrategy.

Despite a higher average purchase price per coin compared to the current market price, Metaplanet remains confident in their long-term investment strategy.

Metaplanet's stock price initially surged by 90% following the announcement but later declined with Bitcoin's price drop, though it remains significantly higher than at the beginning of the year.

In a bid to raise more funds for Bitcoin investments, Metaplanet plans to issue bonds worth 1 billion yen, mirroring MicroStrategy's approach.

Both Metaplanet and MicroStrategy continue to make bold moves in the cryptocurrency space, undeterred by market fluctuations.