Publicly traded Japanese investment firm Metaplanet has spent over $6.7 million (¥1 billion) to acquire 108.99 BTC at an average price of approximately $61,679 per bitcoin. The latest purchase brings the company’s BTC stash to 748.5 BTC purchased for an average price of $62,540 per bitcoin.
Notably, Metaplanet’s most recent purchase comes amidst a bearish crypto market, showing the company’s long-term bet on the leading cryptocurrency while many investors swim in fear and uncertainty.
Over 370 BTC in 11 Days
Since adopting Bitcoin as its primary reserve asset earlier this year, Metaplanet has embarked on a long-term bitcoin acquisition spree, gaining the title “Asian MicroStrategy.”
Interestingly, the publicly traded company intensified its purchase streak this month, having bought more than 370 BTC within 11 days. On October 1, for instance, Metaplanet went bitcoin shopping with $6.9 million and got 107.91 BTC at $64,100 per bitcoin.
Two days later, on October 3, the Asian MicroStrategy struck a deal with a Singapore-based crypto trading firm, QCP Capital, getting about 23.97 BTC ($1.4 million) from the company via options sale.
Expressing further confidence in BTC, Metaplanet also spent $6.7 million to acquire 108.78 BTC on October 7, paying $62,000 per BTC.
Metaplanet Stock Rallies
In the long run, Metaplanet’s shift to Bitcoin has yielded many positive results as it is being shielded from the devaluing Japanese Yen.
Within the past five months, Metaplanet has recorded a massive 443.2% increase in its stock value as investors expect further increase if bitcoin price moves upward.
Metaplanet has been at the forefront of institutional bitcoin adoption in Japan. With its confidence and regular acquisition of the crypto, it is exposing many of its investors to Bitcoin and the crypto ecosystem.
Bitcoin Goes Low in Uptober
Over the years, October has proven to be a bullish month for the crypto market, hence the name Uptober. However, bitcoin has dropped below $59k, leaving investors and analysts in a shaky state as it is moving in the opposite direction of what has been predicted.
On the positive side, many of the biggest cryptocurrencies are still trading above the support region, further strengthening the hopes of an uptrend soon.
Notably, the crypto market is divided on which U.S. presidential candidate will foster crypto adoption and move the market upward if elected by November. Many famous investors support Donald Trump who has openly supported crypto in various ways and proposed a bright future for the industry if he excels.
