Japanese investment firm Metaplanet has added another 108.78 Bitcoin (BTC) to its holdings, bringing its total holdings to over 639 BTC.
Metaplanet Is Not Worried By Bitcoin Price Movement
In an announcement made on October 7, 2024, Tokyo-based Metaplanet revealed that it bought an additional $6.7 million worth of Bitcoin, adding 108.78 BTC to its existing reserves.
The development comes at a time when global political tensions are growing, putting Bitcoin’s “global currency” narrative to the test. However, some experts consider this time as buying opportunity in BTC, and Metaplanet’s actions seem to support this view.
It’s also worth noting that October – historically a bullish month for BTC prices – didn’t get off to a great start this year. Still, bulls are confidence of price gains in the last half of the month.
These events seem to have little impact on Metaplanet’s Bitcoin concept. Notably, the company’s stock price rose after the recent BTC purchase, closing the day by 7.86%, with a gain of 72 JPY (Japanese yen) or $0.49 USD.
Metaplanet has been on the Bitcoin buying scene this month, having collected over 107 BTC on October 1. Furthermore, on October 3, the company revealed that it had earned about 23.9 BTC – worth about $1.5 million at the time – by selling Bitcoin put options and collecting premiums.
Metaplanet’s total Bitcoin Holdings now stands at around 640 BTC, worth over $40 million at the current market price of $63,720. Recent purchases too up Metaplanet reached the 17th place on the list of publicly listed companies with Bitcoin shares.
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 Rules
Japan, known for its receptive attitude to new and emerging technologies, has not had the best experience with digital goods, especially following the hacking of Mt. Gox 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 are considering entering the crypto space within the next three years.
Earlier this month, the Japan Financial Service Agency (FSA) shared plans to change the country’s laws on crypto gaming to encourage growth in the blockchain gaming sector.
On October 2, an insider from the FSA said The financial watchdog is considering revising existing digital asset rules, which could pave the way for a crypto exchange-traded fund (ETF) and lower taxes on crypto profits. 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
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