Japanese investment firm Metaplanet has acquired $6.7 million worth of Bitcoin, adding 108.99 BTC to their expanding cryptocurrency reserves.

Metaplanet Expands Bitcoin Holdings

On Oct. 11, Metaplanet invested ¥1 billion, equivalent to $6.7 million, in Bitcoin reserves. This recent purchase brings the company’s total cryptocurrency holdings to 748.50 BTC, currently valued at $45.65 million.

This marks the Tokyo-based hotel operator turned investment firm’s third ¥1 billion investment into Bitcoin since the start of this month. On Oct. 7, the firm purchased 108.786 BTC, increasing their total Bitcoin reserves to 639.50 BTC, valued at $40.54 million at the time.

Metaplanet’s Strategic Investments

Metaplanet’s CEO, Simon Gerovich, highlighted the company’s growing Bitcoin reserves compared to other global corporations, including Microstrategy, Tesla, and Marathon Digital. He emphasized their strategic goal to increase their presence in the Bitcoin market.

“Expect us to take up more space soon alongside some Bitcoin titans!”

Microstrategy currently holds the largest Bitcoin reserves with 252,220 BTC, following their latest acquisition of 7,420 BTC on Sept. 20.

Comparisons to Industry Leaders

Market observers have dubbed Metaplanet as “Asia’s MicroStrategy” due to their aggressive Bitcoin acquisition strategy, mirroring that of the U.S. AI analytics firm.

“Do you see @Metaplanet_JP in the red box in the bottom right corner? Expect us to take up more space soon alongside some #bitcoin titans!”

In May 2024, Metaplanet announced plans to diversify its Bitcoin holdings amid Japan’s economic challenges, including high government debt levels, negative real interest rates, and a weakening national currency.

Strategic Partnerships

To support its mission, Metaplanet has partnered with Singaporean digital asset trading firm QCP Capital and Japan’s SBI VC Trade. The firm sold 223 contracts worth $62,000 in put options to QCP Capital, earning a profit of 23.97 BTC in option premiums. Additionally, their partnership with SBI VC Trade offers corporate custody services and financing options using Bitcoin as collateral.

Metaplanet is not alone in its cryptocurrency endeavors. A June survey by Nomura and Laser Digital found that over 500 investment managers in Japan have expressed interest in digital asset investments. Nearly 50% of respondents are open to using stablecoins for settlements and daily transactions.

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