Japanese investment company Metaplanet has added another 108.78 Bitcoin (BTC) to its existing holdings, bringing its total reserves to over 639 BTC.
Metaplanet unfazed by Bitcoin price movement
In one announcement On October 7, 2024, Tokyo-based Metaplanet announced that it had purchased an additional $6.7 million worth of Bitcoin, adding 108.78 BTC to its existing reserves.
The development comes at a time when geopolitical tensions are rising in the world, challenging Bitcoin’s narrative of being the ‘global currency’. However, some experts consider this time as one purchasing opportunity for BTC, and Metaplanet’s actions appear to support this perspective.
It’s also worth noting that October – historically a bullish month for BTC prices – hasn’t had the best start this year. Yet they are bulls confidently of price gains towards the latter part of the month.
These developments appear to have little effect on Metaplanet’s Bitcoin thesis. Notably, the company’s stock price soared after the latest BTC purchase, ending the day up 7.86%, with a gain of 72 JPY (Japanese Yen) or $0.49 USD.
Metaplanet was busy buying Bitcoin this month as it raised over 107 BTC on October 1. Furthermore, the company on October 3 revealed that it had made about 23.9 BTC – worth almost $1.5 million at the time – by selling Bitcoin put options and collecting premiums.
Metaplanet’s total Bitcoin holdings now stand at almost 640 BTC, which is worth over $40 million at the current market price of $63,720. The last purchase too increased Metaplanet to 17th position in the list of publicly traded companies with Bitcoin holdings.
According to the list, the companies with the largest BTC reserves are MicroStrategy, Marathon Digital Holdings, Galaxy Digital Holdings, Tesla and Coinbase.
Japan wants to attract crypto capital by relaxing regulations
Japan, known for its receptive attitude towards new and emerging technologies, has not had the best experiences with digital assets, especially after the infamous Mount Gox hack in 2014.
However, Japan has recently expressed a desire to overhaul its strict regulatory framework for cryptocurrencies. This is not surprising, according to a recent study found that the majority of Japanese institutional investors are considering entering the crypto space within the next three years.
Earlier this month, Japan’s Financial Service Agency (FSA) shared plans to reform the country’s regulations on crypto gaming to spur growth in the blockchain gaming sector.
On October 2, an insider from the FSA came said the financial watchdog is considering overhauling existing regulations for digital assets, potentially paving the way for a crypto exchange-traded fund (ETF) and lower taxes on crypto profits. At the time of writing, BTC is trading at $63,720, up 1.9% in the last 24 hours.
Featured image from Unsplash.com, charts from Google Finance, CoinGecko.com and TradingView.com