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Japan’s Metaplanet purchased additional Bitcoin less than a week after it announced it secured a loan to increase its Bitcoin holdings, the company announced on Aug. 13.

The Tokyo-based investment consultant used half of its recently acquired $6.8 million loan, spending 500 million yen, or over $3.38 million at current exchange rates, to buy 57.103 Bitcoin at an average price of about $59,236.53 apiece, the company said in a notice.

Metaplanet’s latest purchase brings its total Bitcoin holdings to 303.095 BTC, worth roughly $17.85 million, per CoinGecko’s exchange rates.

The Tokyo Stock Exchange-listed firm secured a 1 billion Japanese yen loan from existing shareholder MMXX Ventures Limited on Aug. 8, fueling its plans to acquire $58.76 million worth of Bitcoin announced just days earlier. The loan carries a relatively low interest rate of 0.1% per annum and a six-month term, with a lump sum repayment due upon maturity.

Metaplanet started accumulating Bitcoin in April in response to Japan’s ongoing economic difficulties, citing high government debt, negative interest rates, and a weak currency as key factors.

“Always be stacking Bitcoin,” Simon Gerovich, CEO of Metaplanet Inc., wrote on X on Aug. 13.

At the Bitcoin Conference in Nashville on July 25, Gerovich expressed his admiration for MicroStrategy’s Bitcoin strategy. He also explained that Metaplanet had been facing challenges before strategically shifting its focus to Bitcoin, recognizing it as the “apex monetary asset” and a valuable addition to the company’s treasury.

Besides stacking up on Bitcoin, Metaplanet has also taken part in other Bitcoin-centric initiatives, including becoming a launch partner of the “Bitcoin for Corporations,” a program founded by Microstrategy that aims to provide resources and educational content to corporate leaders, promoting the integration of Bitcoin on a global scale.

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