Japanese investment firm Metaplanet has added an additional $6.7 million BTC to their Bitcoin reserves taking their total Bitcoin assets to 639.50 BTC.
The investment firm in a statement on Oct 7 announced that it has purchased an additional 108.786 BTC which is worth 1 billion yen in Japanese currency.
This is the second time this month that the Japanese country will be buying 1-billion-yen worth of Bitcoin assets for their Bitcoin reserves.
On Oct. 1, Metaplanet made a similar purchase of ¥1 billion worth of Bitcoin, bringing its reserves above 500 BTC for the first time since they delved into Bitcoin acquisition as an investment strategy.
After its recent purchase, Metaplanet now holds approximately $40.54 million worth of BTC according to recent market prices.
Metaplanet began its Bitcoin acquisition journey early this year when it announced that it is adding Bitcoin as one of its strategic investment options.
The Tokyo-based company took to its official X page to announce its latest acquisition of Bitcoin Assets.
“Metaplanet purchases an additional 108.78 $BTC” The firm tweeted
Google Finance data revealed that the investment company’s stock went up by 10% moments after it announced its acquisition of new BTC assets.
Metaplanet on Oct 3 also announced that it had made a deal with QCP capital which involves selling 223 contracts worth $62,000 put options which expire on Dec. 27, 2024, to the Singaporean firm. The sale made Metaplanet a profit of 23.97 BTC in option premium.
Metaplanet earlier this year announced that it planned to start Bitcoin as a way to sustain itself against growing economic pressures in Japan. In May 2024, Japan’s economy has been struggling with high government debt levels, prolonged periods of negative real interest rates, and a weakening currency.
Investing in Bitcoin and cryptocurrency appears to be a growing trend in Japan as a recent report revealed that over 500 firms are also considering the option.
What to Know
- Firms in Japan aside from developing an interest in investing in crypto are also open to conducting their day-to-day transactions in stablecoins.
- Michael Saylor’s Microstrategy remains the biggest corporate holder of Bitcoin with a Bitcoin reserve worth over $9 billion.
- Michael Saylor during the Bitcoin conference in Nashville made an argument on the intrinsic value of digital assets and the leverage they enjoy over physical assets. He remains a very influential voice in the crypto world and a strong promoter of Bitcoin as an asset.
