Bitcoin rally prompts Metaplanet to stock up, bringing holdings to $56m

Japanese investment firm Metaplanet has increased its Bitcoin holdings, purchasing 106.97 BTC (approximately $6.9 million) as part of its ongoing strategy to capitalize on the current Bitcoin rally.

In an October 15 announcement, Metaplanet revealed that it had acquired an additional ¥1 billion (around $6.9 million) worth of Bitcoin. This latest purchase brings its total cryptocurrency holdings to 855.48 BTC, valued at around $56 million.

On the same day of the purchase, Bitcoin surged by 2.06%, crossing the $65,000 mark for the first time since September 30. The price jump marked an over 10% increase from Bitcoin’s lowest point earlier this month, and a 32% rise from its August low, signaling a potential entry into a bull market.

As of now, Bitcoin is trading at $65,233, according to data from pinetbox.com. Over the past 24 hours, it has reached a peak of $66,486, maintaining a market capitalization of $1.28 trillion. This surge comes in tandem with a strong rally in the global equity market following announcements from Chinese officials that they will implement stimulus measures to support the property sector and increase government spending.

Throughout October, Metaplanet has made a series of large Bitcoin purchases, each worth approximately ¥1 billion (around $6.9 million), further diversifying its holdings. The latest purchase on October 11 brought the company’s total holdings in Bitcoin to 748.50 BTC, further reinforcing its strategy of building a significant crypto position.

Over the past year, Metaplanet has continued to add to its Bitcoin portfolio, following the footsteps of major players like MicroStrategy, Tesla, and Marathon Digital. On October 11, Metaplanet’s founder, Gerovich, posted on X (formerly Twitter) saying, “Expect us to take up more space soon alongside some Bitcoin titans!”

In May 2024, Metaplanet announced plans to further expand its Bitcoin holdings as part of its strategy to combat Japan’s economic challenges, including high government debt, negative real interest rates, and a depreciating national currency.

Beyond Metaplanet, there’s growing interest in crypto investments within Japan. A Nomura survey from June 2024 revealed that over 500 investment managers in Japan have considered allocating funds to digital assets, signaling a shift toward crypto adoption among institutional investors in the region.