Japanese investment firm Metaplanet disclosed an additional bitcoin (BTC) purchase, worth 250 million yen ($1.6 million), taking its holdings of the largest cryptocurrency to 141 BTC, a value of about $9.4 million.

Metaplanet stock rose by 9.9% Tuesday after it made the purchase, its third since April 2024, public.

Last month, the company said it made bitcoin a reserve asset to reduce its exposure to risk arising from Japan's debt burden and the resulting volatility in the yen. In 2023, the government's net debt to gross domestic product ratio was the highest in the G7, about 159%, according to data on Statista. Canada had the lowest ratio, just 15%.

Metaplanet's bitcoin strategy mirrors that of Tysons Corner, Virginia-based software developer MicroStrategy (MSTR), which has accumulated 214,400 BTC worth $14.3 billion since it started purchasing the asset in 2020 and is the largest corporate owner of the token.