Metaplanet, a Japanese investment firm listed on the Tokyo Stock Exchange, recently made a significant Bitcoin purchase, acquiring 619.7 BTC for 9.5 billion yen (approximately $60.5 million). This purchase brings the company's total Bitcoin holdings to 1,761.98 BTC, valued at over $164 million at current market prices.

The firm's Bitcoin strategy is similar to that of MicroStrategy, an American software giant that has been actively purchasing Bitcoin since 2020 to enhance shareholder value. MicroStrategy currently holds 444,262 BTC, worth more than $41 billion. However, some investors have expressed concerns about Metaplanet's aggressive Bitcoin strategy, which has led to a significant drop in its stock price following the announcement of its plans to establish a "Bitcoin treasury" in Japan.

The price of Bitcoin has experienced a decline of over 3% in the last 24 hours and a 13% drop over the past week, according to market data.