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Reading: Metaplanet Gains 108 BTC with $6.7M Purchase Amid Price Volatility
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Kriptoteka > Market > Institutions > Metaplanet Gains 108 BTC with $6.7M Purchase Amid Price Volatility
Institutions

Metaplanet Gains 108 BTC with $6.7M Purchase Amid Price Volatility

marcel.mihalic@gmail.com
Last updated: October 8, 2024 4:04 am
By marcel.mihalic@gmail.com 4 Min Read
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The Japanese investment firm Metaplanet has increased its Bitcoin (BTC) reserves by acquiring an additional 108.78 BTC, bringing its total holdings to over 639 BTC.

Metaplanet Remains Steadfast Amid Bitcoin Price Fluctuations

In an announcement on October 7, 2024, the Tokyo-based firm disclosed its purchase of $6.7 million in Bitcoin, adding 108.78 BTC to its existing stash.

This move comes at a time when global geopolitical tensions are escalating, challenging Bitcoin’s narrative as a “global currency.” Nonetheless, some experts see this period as a prime buying opportunity for BTC, and Metaplanet’s actions seem to back this viewpoint.

It’s notable that October – typically a favorable month for BTC prices – has not kicked off strongly this year. Still, bullish investors remain optimistic about potential price increases as the month progresses.

The latest developments appear to have little impact on Metaplanet’s confidence in Bitcoin. Interestingly, the company’s stock price rose sharply after the recent BTC acquisition, closing up 7.86%, an increase of 72 JPY (Japanese yen) or $0.49 USD.

metaplanet
Source: Google Finance

This month, Metaplanet has been active in the Bitcoin market, acquiring over 107 BTC on October 1. Furthermore, on October 3, it reported having earned approximately 23.9 BTC – valued at nearly $1.5 million at the time – by trading Bitcoin put options and collecting premiums.

With this latest acquisition, Metaplanet’s total Bitcoin holdings are now nearly 640 BTC, worth over $40 million at the current market rate of $63,720. Additionally, the recent purchase has moved Metaplanet up to the 17th rank among publicly traded companies by Bitcoin assets.

According to available data, the firms with the largest Bitcoin reserves include MicroStrategy, Marathon Digital Holdings, Galaxy Digital Holdings, Tesla, and Coinbase.

Bitcoin holdings
Source: CoinGecko.com

Japan Aims to Attract Crypto Investment by Relaxing Regulations

Japan, recognized for its open approach to innovative technologies, has had a challenging past with digital assets, particularly after the notorious Mt. Gox hack in 2014.

Recently, however, Japan has shown interest in reforming its strict crypto regulations. This shift comes as no surprise, given that a recent survey indicated a significant number of Japanese institutional investors plan to enter the crypto market within the next three years.

Earlier this month, the Financial Services Agency (FSA) of Japan announced plans to adjust the country’s regulatory stance on crypto gaming to encourage growth within the blockchain gaming sector.

On October 2, a source within the FSA revealed that the agency is contemplating a review of current digital asset regulations, which might facilitate the introduction of a crypto exchange-traded fund (ETF) and reductions in taxes on cryptocurrency gains. As of now, BTC is trading at $63,720, reflecting a 1.9% increase in the past 24 hours.

bitcoin
Bitcoin trades at $63,720 on the daily chart | Source: BTCUSDT on TradingView.com

Featured Image from Unsplash.com, Charts from Google Finance, CoinGecko.com and TradingView.com

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