Japanese Investment Firm Metaplanet Adds 108.78 Bitcoin to Its Holdings, Bringing Total Reserves to Over 639 BTC

Metaplanet Unfazed By Bitcoin Price Movement

Japanese investment firm Metaplanet has disclosed another addition of 108.78 Bitcoin (BTC) to its existing holdings, bringing its total reserves to over 639 BTC.

Tokyo-based Metaplanet announced on October 7, 2024, that it had purchased an additional $6.7 million in Bitcoin, adding 108.78 BTC to its existing reserves.

This development comes amid rising geopolitical tensions in the world, testing Bitcoin’s narrative as a “global currency.” However, some experts view this period as a buying opportunity for BTC, and Metaplanet’s actions seem to align with this perspective.

Interestingly, Metaplanet’s stock price surged after the latest BTC purchase, closing the day up 7.86%, translating to gains of 72 JPY (Japanese yen) or $0.49 USD.

Metaplanet has been actively accumulating Bitcoin this month, having earlier scooped up over 107 BTC on October 1. Moreover, on October 3, the firm disclosed that it had earned approximately 23.9 BTC—then valued at nearly $1.5 million—by selling Bitcoin put options and collecting premiums.

With the latest purchase, Metaplanet’s total Bitcoin holdings now stand at almost 640 BTC, valued at over $40 million at the current market price of $63,720. This latest purchase has also moved Metaplanet up to 17th position on the list of publicly-listed 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, which has been known for its receptive approach to new and emerging technologies, hasn’t had the best experience with digital assets, especially after the infamous Mt. Gox hack in 2014.

However, Japan has recently shown interest in overhauling its strict crypto regulatory framework. This is especially true considering a recent survey, which indicated that the majority of Japanese institutional investors are planning to enter the crypto space within the next three years.

Earlier this month, Japan’s Financial Service Agency (FSA) shared plans to adjust the country’s regulations for crypto gaming to foster growth in the blockchain gaming sector.

On October 2, an insider from the FSA said that the financial watchdog is considering reviewing existing digital asset regulations, which could pave the way for a crypto exchange-traded fund (ETF) and lower taxes on crypto gains. At press time, BTC trades at $63,720, up 1.9% in the last 24 hours.

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