Metaplanet, a Japanese investment firm, has just added 108.78 Bitcoins to its portfolio, valued at ¥1 billion ($6.7 million). This latest purchase was executed at the average price of ¥9.19 million ($62,000) per BTC.
*Metaplanet purchases additional 108.78 $BTC* pic.twitter.com/Pz2AHupm1T
— Metaplanet Inc. (@Metaplanet_JP) October 7, 2024
The firm’s BTC buying spree started early this year in response to Japan’s economic challenges, adopting a “Bitcoin First, Bitcoin Only” strategy. Due to its acquisition approach, Metaplanet has been compared to MicroStrategy, a prominent American Bitcoin investment company.
Three Moves in One Week
Metaplanet made two significant Bitcoin purchases and acquired more through a put option exercise in just one week. The Japanese firm added 240.59 BTC to its holdings during the first seven days of October, boosting its reserve to 639.5 BTC.
Despite what may be seen as a bearish week in the crypto market, Metaplanet seized the opportunity to purchase 107.91 bitcoins on October 1. This highlights the firm’s commitment to expanding its BTC holdings and its bullish stance on the crypto’s long-term value.
Two days later, the Asian MicroStrategy acquired 23.9 BTC through a put option exercise. By leveraging put options, Metaplanet can increase its Bitcoin reserves without adding financial risk.
Metaplanet’s Stock Reacts
Following the latest Bitcoin acquisition announcement, Metaplanet’s shares rallied over 7.8% in 24 hours, reaching ¥988 and pushing its valuation to higher height.
The firm’s Bitcoin strategy has yielded remarkable results, driving a 517% year-to-date surge in its stock market performance. Fueled by the ongoing Bitcoin bull run, the stock’s upward momentum may continue.
Bitcoin Keeps Growing
Bitcoin has emerged as a global asset, competing with the gold market and outpacing other asset classes. This shift is driven by growing institutional adoption, increasing investor awareness, improving regulatory clarity, and enhanced market infrastructure.
Notably, United States Spot Bitcoin ETFs have rallied to over $60 billion in assets under management (AUM) in less than a year of operation showing BTC’s potential as a store of value and hedge against inflation.
As Bitcoin continues to transform investment, users can expect potential changes in central bank policies and the asset’s increased adoption in different regions of the world.
