• Metaplanet purchased 107.913 BTC, valued at ¥1 billion, increasing its total holdings to 506 BTC, worth $32 million.
  • Metaplanet’s stock surged 3.63%, closing at 1,027 yen, with a 540% year-to-date gain.
  • The firm partnered with SBI Group to enhance Bitcoin trading, focusing on compliant custody and leveraging tax efficiency.

Metaplanet has expanded its Bitcoin holdings with a fresh purchase of 107.913 BTC, valued at ¥1 billion which is roughly $7 million. This development occurs as the crypto market starts Q4 on a high , with investors watching for a possible Bitcoin surge. 

*Metaplanet purchases additional 107.91 $BTC * pic.twitter.com/pPrRBGrJsC

— Metaplanet Inc. (@Metaplanet_JP) October 1, 2024

Metaplanet currently has around 506 BTC in its possession, which amounts to $32 million at the current market rates.

Metaplanet Consistent Bitcoin Strategy

The company has been following a strategy inspired by MicroStrategy , the US-based company known for its aggressive Bitcoin acquisitions. By adopting this approach, Metaplanet has consistently added to its Bitcoin reserves despite fluctuations in the market. The firm views Bitcoin as a key treasury asset, helping it navigate Japan’s ongoing economic challenges.

Earlier in September, Metaplanet partnered with SBI Group’s crypto investment arm to enhance its Bitcoin trading and custody services. This collaboration aims to ensure compliant corporate custody while leveraging tax efficiency and using Bitcoin as collateral. 

With Japan’s tax environment becoming more favorable, the firm hopes to attract domestic investors to its Bitcoin-focused strategy.

Read CRYPTONEWSLAND on google news

Impact of Recent Purchase on Market

Following the announcement of the recent Bitcoin acquisition, Metaplanet’s stock price increased by 3.63%, closing at 1,027 yen. The stock has surged 540% this year.

Despite the recent drop in Bitcoin prices, Metaplanet’s steady purchase indicates the company’s long-term confidence in bitcoin. Today’s acquisition follows the Federal Reserve’s rate cut in September, which restored market optimism regarding Bitcoin’s future.

Metaplanet’s continued financial commitment to Bitcoin displays the company’s belief in the cryptocurrency’s value as a key asset. Metaplanet is in a strong position for future gains as the market gears up for a possible Bitcoin rally.

disclaimer read more

Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.