Key Points
- Japanese firm Metaplanet has increased its Bitcoin holdings with a $6.9 million purchase.
- The company’s total cryptocurrency holdings now stand at 855.48 BTC, equivalent to $56 million.
Japanese investment company Metaplanet has added to its Bitcoin stash by buying an additional 106.97 BTC. This purchase, worth $6.9 million, comes amidst a significant Bitcoin rally.
Metaplanet’s Bitcoin Investments
The company, which transitioned from hotel operations to investment, confirmed in an announcement on October 15 that it had acquired an extra $6.9 million worth of Bitcoin. With this latest acquisition, Metaplanet’s total cryptocurrency holdings have reached 855.48 BTC, valued at $56 million.
On the day of the purchase, Bitcoin’s value increased by 2.06%, surpassing the $65,000 mark. This was the first time Bitcoin had reached this level since September 30, signifying the start of a bull market. The cryptocurrency had risen over 10% from its lowest point this month and 32% from its August low.
Bitcoin’s Market Performance
At the moment, Bitcoin is trading at $65,233. In the last 24 hours, it has reached a high of $66,486 and maintained a market cap of $1.28 trillion. This surge coincided with a global equity market rally following announcements by Chinese officials of plans to introduce various stimuli to support the property sector and boost government spending.
Throughout the month, Metaplanet has been making regular Bitcoin purchases in increments of ¥1 billion, thereby diversifying its holdings. The company’s most recent ¥1 billion investment in Bitcoin was made on October 11, bringing its total cryptocurrency holdings to 748.50 BTC.
Over the past year, Metaplanet has consistently added to its Bitcoin holdings, emulating companies like Microstrategy, Tesla, and Marathon Digital. In May 2024, the company announced plans to invest more funds into Bitcoin as a strategy to combat Japan’s economic challenges, such as high government debt levels, negative real interest rates, and a declining national currency.
In addition to Metaplanet, numerous Japanese investment firms have shown interest in investing in cryptocurrencies. According to a survey conducted by Nomura in June 2024, over 500 investment managers in Japan are considering investing in digital assets.