Publicly traded investment firm Metaplanet has added Bitcoin ( BTC ) as a reserve asset in response to a continued decline of the Japanese yen.

Metaplanet is making a “strategic shift” in its treasury management strategy, prioritizing Bitcoin-first and Bitcoin-only approach, the Tokyo-based firm officially announced on May 13.

“This 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,” the company stated.

The announcement doesn’t specify how much Bitcoin is currently held or planned to be held in Metaplanet’s treasury. On May 10, Metaplanet disclosed that it bought a total of 117.7 BTC ($7.19 million) at the average price of around 10.2 million yen, or $65,000. Metaplanet’s market value stands at around 3.5 billion yen, or roughly $20 million.

Source: Metaplanet

Metaplanet’s Bitcoin adoption comes a few weeks after the company initially disclosed its new Bitcoin-focused strategy in early April, announcing the completion of its first Bitcoin purchase worth $6.5 million.

The move fueled significant traction on social media and caused a sharp price increase of Metaplanet shares on the Tokyo Stock Exchange. Listed under the numeric symbol 3350, Metaplanet's stock rallied above 35 JPY ($0.22) from 20 JPY ($0.13) hours after the firm announced its Bitcoin purchase in April.

Source: CNBC

Before its strategic shift into Bitcoin, Metaplanet primarily operated in the traditional investment scene. Founded in 1999, Metaplanet originally operated  a hotel business, investment services and an investor relations consultancy.

Related: Jack Dorsey’s Block is ‘DCA’ing’ into Bitcoin every month

The news comes a few days after Metaplanet appointed prominent market researcher Dylan LeClair as director of Bitcoin strategy.

“This is just the beginning,” Metaplanet CEO Simon Gerovich wrote in an X post on the company buying more Bitcoin on May 9.

The Japanese yen has reportedly been the worst performer in 2024 among major currencies against the U.S. dollar, dropping to record lows in April last seen in the 1990s . According to local sources, the yen’s drop in value over the past three years came mainly from the gap between domestic and foreign interest rates and a growing trade deficit.

Magazine: SEC, Ripple case nears conclusion, Grayscale withdraws ETF filing, and more: Hodler’s Digest, May 5-11