Tokyo Stock Exchange-listed Bitcoin Japan, formerly Hotamaru Sho, bought 11.9188 BTC for $999,479 at an average price of $83,857 per coin through its wholly owned subsidiary BTC JPN Ltd. CEO Phillip Lord said the purchase was the first step in a long-term Bitcoin accumulation strategy rather than a trade based on short-term price expectations. The company will consider further purchases based on market conditions, available funds, liquidity and risk management, following the board’s earlier approval for Bitcoin acquisitions of up to $1 million. Bitcoin Japan had previously said it would launch a Bitcoin treasury business and Bitcoin-related asset management operations through the subsidiary, with additional purchases planned within an overall investment limit of ¥662 million. The company is a separate legal entity from Metaplanet subsidiary Bitcoin Japan Inc.