Japanese public investment firm Metaplanet is doubling down on its long-term holding strategy with another multi-million dollar Bitcoin purchase.

Japanese investment firm Metaplanet announced the purchase of an additional 42.4 Bitcoin (BTC) for ¥400 million ($2.4 million) as the crypto market struggles to reclaim the $60,000 threshold.

In a Jul. 8 press release, the Tokyo-headquartered firm said the move aligns with its long-term strategy to hold Bitcoin as a “strategic treasury reserve asset.” With this latest acquisition, Metaplanet’s total Bitcoin holdings exceed 203 BTC.

This purchase follows Metaplanet’s recent allocation of over $6.2 million through the issuance of the second series of ordinary bonds to buy Bitcoin for “long-term holding.” The bonds, offered via EVO FUND, carry an annual interest rate of 0.5% and will mature on Jun. 25, 2025.

Although the bonds have no collateral, Metaplanet has set up a first-priority mortgage on the land and building of Hotel Royal Oak Gotanda, owned by its wholly-owned subsidiary, Wen Tokyo Inc., to secure “all monetary claims.”

In May, Metaplanet announced it would start buying Bitcoin in response to sustained economic pressures in Japan, citing high government debt levels, prolonged periods of negative real interest rates, and a “consequently weak yen.”

In late June, Nomura published the results of a survey conducted alongside Laser Digital, revealing that over 500 investment managers in Japan are considering investing in crypto. The survey also found that about half of the respondents are open to using stablecoins for settlements and daily transactions.