Bitrabo Editorial
Metaplanet, a Japanese investment company, has increased its Bitcoin (BTC) holdings by acquiring an additional 108.78 BTC, bringing its total to over 639 BTC.
Metaplanet Remains Steadfast Amid Bitcoin Price Fluctuations
On October 7, 2024, Metaplanet announced a purchase of $6.7 million in Bitcoin, adding the new BTC to its existing stash.
This acquisition comes during a time of heightened geopolitical tensions, which is challenging the notion of Bitcoin as a “global currency.” Yet, some analysts see this period as a prime opportunity for buying BTC, a sentiment reflected by Metaplanet’s recent actions.
October typically shows positive trends for BTC prices, although the beginning of this month has not been ideal. Despite this, investors remain optimistic about potential price increases later in the month.
These circumstances seem to have little impact on Metaplanet’s strategy regarding Bitcoin. Following the recent purchase, the company’s stock price rose by 7.86%, a gain of 72 JPY (about $0.49 USD).
This month, Metaplanet has been actively accumulating Bitcoin, having purchased more than 107 BTC on October 1. Additionally, on October 3, the firm reported earnings of approximately 23.9 BTC, valued at nearly $1.5 million, from trading Bitcoin put options.
Currently, Metaplanet’s total Bitcoin holdings are nearly 640 BTC, exceeding $40 million at the current market price of $63,720. This latest acquisition places Metaplanet 17th among publicly traded companies in terms of Bitcoin reserves.
Leading companies with large BTC holdings include MicroStrategy, Marathon Digital Holdings, Galaxy Digital Holdings, Tesla, and Coinbase.
Japan Aims to Attract Crypto Investments Through Regulatory Changes
Japan, which has generally welcomed new technologies, has faced challenges in the digital asset realm, especially after the notorious Mt. Gox hack in 2014.
Despite this, Japan has shown an interest in revamping its strict cryptocurrency regulations. This is especially relevant as a recent survey indicated that many Japanese institutional investors plan to enter the crypto market in the next three years.
The Financial Services Agency (FSA) of Japan recently outlined intentions to reform its cryptocurrency regulations, with a focus on fostering growth in blockchain gaming.
On October 2, a source from the FSA mentioned that regulatory reviews are being considered, which could lead to the introduction of a crypto exchange-traded fund (ETF) and potential tax reductions on crypto profits. As of now, BTC is trading at $63,720, marking a 1.9% increase in the past 24 hours.
