Japanese investment firm Metaplanet added another 108.78 Bitcoin (BTC) to its existing holdings, increasing its total reserves to over 639 BTC.
Metaplanet unfazed by Bitcoin price movement
In announcement made on October 7, 2024, Tokyo-based Metaplanet revealed that it had purchased an additional $6.7 million worth of Bitcoin, adding 108.78 BTC to its existing reserves.
This development comes at a time when geopolitical tensions are rising around the world, putting Bitcoin’s “global currency” narrative to the test. However, some experts consider this time as opportunity to buy for BTC, and Metaplanet’s actions seem to confirm this perspective.
It is also worth noting that October – a historically bullish month for BTC prices – did not have the best start to this year. Nevertheless, the bulls are there confident price increases in the second half of the month.
These changes appear to have little impact on Metaplanet’s Bitcoin thesis. Notably, the company’s stock price surged following its recent BTC purchase, closing the day with an enhance of 7.86%, with an enhance of 72 JPY (Japanese Yen), or $0.49.
Metaplanet went on a Bitcoin buying spree this month as it collected over 107 BTC on October 1. In addition, on October 3, the company revealed that he made approximately 23.9 BTC – worth almost $1.5 million at the time – by selling Bitcoin puts and collecting premiums.
Metaplanet’s total Bitcoin holdings are currently almost 640 BTC, worth over $40 million, at the current market price of $63,720. The latest purchase as well raised Metaplanet ranks 17th on the list of listed companies with shares in Bitcoin.
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 relaxing regulations
Japan, known for its open approach to fresh and emerging technologies, has not had the best experience with digital assets, especially after the infamous 2014 Mount Gox hack.
However, Japan has recently expressed a desire to change its stringent regulatory framework for cryptocurrencies. This is not surprising as a recent survey found that the majority of Japanese institutional investors are considering entering the cryptocurrency space in the next three years.
Earlier this month, Japan’s Financial Services Agency (FSA) common plans to reform the country’s crypto gaming regulations to boost the development of the blockchain gaming sector.
October 2, an informant from the FSA he said The financial watchdog is considering an overhaul of existing rules on digital assets, potentially paving the way for a cryptocurrency trading fund (ETF) and lower taxes on cryptocurrency profits. At press time, BTC is trading at $63,720, up 1.9% over the last 24 hours.
Featured image from Unsplash.com, charts from Google Finance, CoinGecko.com and TradingView.com
