Photo credit: Karolina Kaboompics/Pexels

Tokyo-based investment consultancy Metaplanet Inc. will purchase 1 billion Japanese yen ($6.2 million) worth of Bitcoin, boosting its existing $9 million valued BTC holding.

The funds for the new purchase will come from the capital Metaplanet raised through the issuance of the second series of ordinary bonds on June 26, the company said Monday. The bonds, set to mature on June 25, 2025, carry an annual interest rate of 0.5%.

The investment firm plans to hold Bitcoin long-term but may use it for operations or other purposes in the future, it added.

Metaplanet’s stock price surged on the back of the announcement, jumping almost 12% to 96 yen ($0.60) during Tokyo trading hours, Google Finance data shows.

Read more: Standard Chartered setting up spot Bitcoin, Ether trading desk: Report

Metaplanet began buying Bitcoin in April to decrease its reliance on the Japanese yen and provide local investors with access to cryptocurrency under a favorable tax framework. In May, the company formally adopted Bitcoin as a reserve asset, stating that the move is a “direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen.”

It continued its acquisition strategy by purchasing an additional $1.6 million worth of Bitcoin in early June.

Metaplanet holds 141 BTC as of June 24, according to Bitcointreasuries.net. It’s currently the biggest corporate holder of the original crypto asset in Japan.

Bitcoin is down 4% to $61,715.81 in the last 24 hours, latest numbers from CoinMarketCap show.

Read more:Nvidia tops Microsoft, becomes most valuable public company