Japanese budget hotel operator turned investment firm, Metaplanet, has purchased $6.7 million worth of Bitcoin, bringing their total Bitcoin reserves to 639.50 BTC.

Recent Bitcoin Acquisition

On October 7, Metaplanet announced the acquisition of an additional ¥1 billion worth of Bitcoin, equivalent to 108.786 BTC. This marks the second purchase of ¥1 billion worth of Bitcoin by the firm within the same month.

Following this latest acquisition, the Tokyo-based investment firm now holds 639.50 BTC in reserves, valued at approximately $40.54 million based on current market prices.

Market Reaction

According to data from Google Finance, Metaplanet’s stock value surged by over 10% shortly after the announcement of their Bitcoin purchase.

Metaplanet purchases additional 108.78 $BTC

Previous Bitcoin Transactions

On October 1, Metaplanet made a similar purchase of ¥1 billion worth of Bitcoin, which pushed their reserves above 500 BTC for the first time in their cryptocurrency trading activities.

In an October 3 notice, Metaplanet disclosed a Bitcoin put options deal with Singaporean digital asset trading firm, QCP Capital. The deal involved selling 223 contracts worth $62,000 put options, set to expire on December 27, 2024. This transaction earned Metaplanet a profit of 23.97 BTC in option premiums.

Strategic Moves in Cryptocurrency

Earlier this year, Metaplanet announced plans to invest in Bitcoin to mitigate economic pressures in Japan. In May 2024, Japan faced high government debt levels, prolonged periods of negative real interest rates, and a weakening currency, prompting the firm to explore cryptocurrency as a hedge.

Broader Market Trends

Metaplanet is not alone in this strategy. A survey conducted in June by Nomura and Laser Digital revealed that over 500 investment managers in Japan are considering investing in cryptocurrencies. The survey also indicated that about half of the respondents are open to using stablecoins for settlements and daily transactions.

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