As a seasoned researcher with a keen eye for market trends, I must admit that the recent moves by Metaplanet, a Japanese budget hotel operator turned investment firm, have caught my attention. Their aggressive foray into Bitcoin, a digital asset once considered a fringe investment, is a testament to the growing mainstream acceptance of cryptocurrencies.
Japanese budget hotel chain-turned-investment firm, Metaplanet, bought approximately 6.7 million dollars’ worth of Bitcoin. Now, they hold a total of 639.50 Bitcoins in their reserves.
On October 7th, Metaplanet revealed they acquired an extra $1 billion (equivalent to 108.786 Bitcoins) in Bitcoin. This is the second time this month that they’ve invested $1 billion into Bitcoin for their digital currency holdings.
Following a recent acquisition of Bitcoin, the Tokyo company now owns about 639.50 BTC, which is currently worth around 40.54 million US dollars based on present market values.
Based on figures from Google Finance, it was found that the value of the investment company’s shares rose by more than 10% in the wake of their announcement about buying Bitcoin.
*Metaplanet purchases additional 108.78 $BTC* — Metaplanet Inc. (@Metaplanet_JP) October 7, 2024
On October 1st, the company acquired Bitcoin to the tune of 1 billion yen, marking the first instance where Metaplanet’s cryptocurrency holdings exceeded 500 Bitcoins – a significant milestone in their digital currency transactions.
As a researcher, I’m excited to share that Metaplanet recently disclosed in a notice dated October 3rd, they have entered into a Bitcoin put options transaction agreement with the Singapore-based digital asset trading firm, QCP Capital.
In the terms of the agreement, the Japanese company transferred ownership of 223 contracts with an expiration date of December 27, 2024, valued at $62,000 for put options, to the Singaporean firm. This transaction resulted in Metaplanet earning 23.97 Bitcoins as option premium.
Earlier this year, Metaplanet disclosed its intention to acquire Bitcoin as a means of coping with economic strains in Japan. By May 2024, Japan was grappling with elevated government debt, persistently low returns on real interest rates, and a depreciating currency.
Besides Metaplanet, several other Japanese companies are exploring cryptocurrencies as a means of maintaining their earnings, as suggested by a June survey conducted by Nomura and Laser Digital. This study revealed that more than 500 investment managers in Japan were thinking about making cryptocurrency investments.
According to the study, roughly half of the participants expressed a willingness to employ stablecoins for both settlements and regular transactions.
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2024-10-07 09:58