Japanese investment firm Metaplanet added an additional 108.78 Bitcoin (BTC) to its existing holdings, bringing its total reserves to over 639 BTC.
The metaplanet is not disturbed by the evolution of Bitcoin prices
In a announcement Made on October 7, 2024, Tokyo-based Metaplanet revealed that it purchased an additional $6.7 million worth of Bitcoin, adding 108.78 BTC to its existing reserves.
This development comes at a time of heightened geopolitical tensions around the world, testing Bitcoin’s “global currency” narrative. However, some experts consider this period to be a buying opportunity for BTC, and Metaplanet’s actions appear to support this outlook.
It’s also worth noting that October – historically a bullish month for BTC prices – hasn’t gotten off to the best start this year. Nevertheless, the bulls are confident price increases towards the end of the month.
These developments appear to have little effect on Metaplanet’s Bitcoin thesis. Notably, the company’s stock price surged after the latest purchase of BTC, closing the day up 7.86%, with gains of 72 JPY (Japanese yen) or US$0.49.
Metaplanet went on a Bitcoin buying spree this month, as it scooped up over 107 BTC on October 1. Additionally, on October 3, the company disclosed that he had earned around 23.9 BTC – worth almost $1.5 million at the time – by selling Bitcoin puts and collecting premiums.
Metaplanet’s total Bitcoin holdings now stand at nearly 640 BTC, worth over $40 million based on the current market price of $63,720. The last purchase also pupil Metaplanet at the 17th position in the list of publicly traded companies with Bitcoin holdings.
According to the list, the companies with the largest BTC reserves are MicroStrategy, Marathon Digital Holdings, Galaxy Digital Holdings, Tesla, and Coinbase.
Japan wants to attract crypto capital by easing regulations
Japan, known for its receptive attitude towards new and emerging technologies, has not had the best experience when it comes to digital assets, especially after the infamous Mount Gox hack in 2014.
However, Japan has recently expressed a desire to overhaul its strict crypto regulatory framework. This is not surprising, as a recent survey found that the majority of Japanese institutional investors plan to enter the crypto space within the next three years.
Earlier this month, the Japan Financial Services Agency (FSA) common plans to reform the country’s crypto gaming regulations to boost the growth of the blockchain gaming sector.
On October 2, an FSA insider said The financial watchdog plans to review existing regulations on digital assets, potentially paving the way for a crypto exchange-traded fund (ETF) and lower taxes on crypto gains. At press time, BTC is trading at $63,720, up 1.9% in the last 24 hours.
Featured image from Unsplash.com, charts from Google Finance, CoinGecko.com and TradingView.com
