Tokyo-headquartered public consulting firm Metaplanet has allocated over $6.2 million to buy Bitcoin for “long-term holding.”

Metaplanet Inc., a Tokyo-headquartered investment firm that specializes in hotel and crypto consulting, raised ¥1 billion yen through the issuance of the second series of ordinary bonds to buy Bitcoin for “long-term holding,” the firm said in a Jun. 24 statement.

Although the firm said that its basic policy is “to hold Bitcoin for the long term,” it didn’t rule out the possibility of using the crypto for “operations or other purposes.” In a separate filing, the Tokyo-headquartered firm revealed that bonds will be offered via EVO FUND at an annual interest rate of 0.5%, and will mature next year, on Jun. 25, 2025.

While 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.” Following the news, Metaplanet’s shares soared over 9% on the Tokyo Stock Exchange, according to Google Finance data.

Japan eyes crypto

For Metaplanet, this won’t be the first crypto purchase as the firm already holds over 141 BTC on its balance sheet, as stated in a separate filing. The latest purchase underscores Metaplanet’s commitment to Bitcoin as its “strategic treasury reserve asset.”

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.”

Metaplanet appears to be not alone in viewing crypto as a safe harbor amid a turbulent macroeconomic environment. A survey by Nomura, conducted alongside Laser Digital, revealed 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.