As a seasoned researcher with years of experience following the ever-evolving world of finance and technology, I find myself increasingly intrigued by the strategic moves of Japanese investment firms like Metaplanet. Their recent decision to invest $6.9 million in Bitcoin is yet another bold step that underscores their confidence in the digital currency’s potential.
The Japanese investment company, Metaplanet, is increasing its Bitcoin assets by acquiring approximately 106.97 Bitcoins (worth around $6.9 million) during the current Bitcoin price surge.
In a notification dated October 15th, the hotel operator-turned investment firm revealed they’ve bought an additional ¥1 billion, which is equivalent to approximately $6.9 million in Bitcoin (BTC). This recent purchase increases Metaplanet’s total cryptocurrency holdings to 855.48 BTC, valued at about $56 million.
On the day of buying, Bitcoin increased by 2.06%, surpassing the $65,000 mark for the first time since September 30th. This upward movement represents more than a 10% rise from its lowest point this month and a 32% increase compared to its August low. These figures suggest that Bitcoin has entered a bull market.
*Metaplanet purchases additional 106.97 $BTC* — Metaplanet Inc. (@Metaplanet_JP) October 15, 2024
Currently, Bitcoin is being exchanged at approximately $65,233, as reported by crypto.news. In the last 24 hours, it reached a high of $66,486 and maintained a market capitalization of around $1.28 trillion. This increase occurred concurrently with a robust rally in global equities following Chinese officials’ announcement of planned stimulus for the property sector and increased government spending.
As an analyst, I’ve observed that throughout this month, my company, Metaplanet, has consistently made large-scale purchases of Bitcoin, totaling approximately ¥1 billion each time, thereby expanding our investment portfolio in the digital currency sphere. Our latest ¥1 billion investment was made on October 11th, which increased our Bitcoin holdings to a total of 748.50 BTC.
Over the past year, Metaplanet has consistently increased its investment in Bitcoins, mirroring the actions taken by firms such as MicroStrategy, Tesla, and Marathon Digital.
Gerovich indicated that we should prepare for expansion, potentially standing alongside the giants of Bitcoin, as stated on his October 11th post.
By May 2024, Metaplanet disclosed their intention to increase investments in Bitcoin as a strategy to tackle the economic difficulties faced by Japan, including excessive government debt, low real interest rates, and weakening national currency.
Beyond just Metaplanet, various Japanese financial institutions are showing keenness towards cryptocurrency investments. A survey carried out by Nomura in June 2024 reveals that more than 500 investment managers in Japan have given thought to investing in digital currencies.
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2024-10-15 10:01