Japan’s Metaplanet adds another $6.7m to their BTC reserves

Metaplanet, the Japanese budget hotel operator turned investment firm, has made headlines with its recent acquisition of $6.7 million worth of Bitcoin, increasing its total reserves to 639.50 BTC. This purchase, announced on Oct. 7, involved an investment of ¥1 billion (about $6.7 million), which also marks the second time this month the firm has invested this amount in Bitcoin.

With their current holdings valued at approximately $40.54 million, Metaplanet’s strategic shift towards cryptocurrency has garnered positive attention, reflected in a 10% rise in their stock prices shortly after the announcement. This move underscores the growing trend among traditional businesses to diversify their portfolios by investing in digital assets like Bitcoin.

On Oct. 1, Metaplanet made headlines by purchasing ¥1 billion worth of Bitcoin, marking a significant milestone as it brought their reserves above 500 BTC for the first time. This strategic move reflects the firm’s growing commitment to cryptocurrency amidst Japan’s economic challenges, including high government debt and a weakening currency.

Additionally, on Oct. 3, Metaplanet entered into a Bitcoin put options transaction with Singapore-based QCP Capital, selling 223 contracts worth $62,000 that expire on Dec. 27, 2024. This deal generated a profit of 23.97 BTC in option premiums for the firm.

Metaplanet’s foray into Bitcoin and options trading aligns with a broader trend in Japan, where other firms are also exploring cryptocurrency as a means to bolster their profits. A survey by Nomura and Laser Digital revealed that over 500 investment managers in Japan are considering crypto investments, with many open to using stablecoins for settlements and daily transactions. This shift indicates a growing acceptance of digital assets in the traditional finance landscape in Japan.