Japanese investment firm Metaplanet has significantly increased its Bitcoin holdings by purchasing 106.97 BTC, valued at $6.9 million, amid the ongoing Bitcoin rally.
The hotel operator turned investment firm announced on October 15 that it has acquired an additional Β₯1 billion worth of Bitcoin. This latest purchase brings Metaplanetβs total crypto holdings to 855.48 BTC, equivalent to $56 million.
On the day of the purchase, Bitcoin saw a 2.06% increase, surpassing the $65,000 mark for the first time since September 30. This rise represents a more than 10% increase from its lowest level this month and a 32% increase compared to its August low, indicating a bullish market trend.
At the time of writing, Bitcoin is trading at $65,233. In the past 24 hours, Bitcoin peaked at $66,486 and maintained a market cap of $1.28 trillion. This surge coincided with a robust rally in the global equity market following announcements from Chinese officials about new stimulus measures to support the property sector and plans to boost government spending.
Metaplanetβs Ongoing Bitcoin Investments
Throughout this month, Metaplanet has been consistently purchasing Bitcoin in bulk amounts of Β₯1 billion, further diversifying its holdings. The firmβs last Β₯1 billion investment into Bitcoin occurred on October 11, bringing its total holdings to 748.50 BTC.
Over the past year, Metaplanet has continued to add to its Bitcoin reserves, following the lead of companies like MicroStrategy, Tesla, and Marathon Digital. βExpect us to take up more space soon alongside some Bitcoin titans!β wrote Metaplanet CEO Gerovich in an October 11 social media post.
Strategic Investments Amid Economic Challenges
In May 2024, Metaplanet announced plans to further invest in Bitcoin as a strategy to counter economic challenges in Japan, including high government debt levels, negative real interest rates, and a weakening national currency.
Beyond Metaplanet, several other Japanese investment firms have shown interest in cryptocurrencies. A survey conducted in June 2024 revealed that over 500 investment managers in Japan are considering investments in digital assets.
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