Japanese investment firm Metaplanet has added another 108.78 Bitcoin (BTC) to its existing holdings, bringing its total reserves to over 639 BTC.
Metaplanet is unfazed by Bitcoin price movement
in advertisement On October 7, 2024, Tokyo-based Metaplanet revealed that it had purchased an additional $6.7 million worth of Bitcoin, adding 108.78 BTC to its existing reserves.
This development comes at a time of escalating geopolitical tensions in the world, putting Bitcoin’s “global currency” to the test. However, some experts see this time as… Buying opportunity As for BTC, Metaplanet’s actions seem to support this perspective.
It’s also worth noting that October – a historically bullish month for Bitcoin prices – hasn’t had the best start to the year. However, bulls exist Confident of price gains in the latter part of the month.
These developments appear to have little impact on Metaplanet’s Bitcoin thesis. It is worth noting that the company’s share price rose after the latest purchase of Bitcoin, closing the day up by 7.86%, with a gain of 72 Japanese yen, or 0.49 US dollars.
Metaplanet went on a Bitcoin buying spree this month, acquiring more than 107 BTC on October 1. Moreover, on October 3, the company It has been detected She earned about 23.9 bitcoins — worth roughly $1.5 million at the time — by selling bitcoin put options and collecting premiums.
Metaplanet’s total Bitcoin holdings now stand at approximately 640 BTC, worth over $40 million at the current market price of $63,720. My most recent purchase has it too High Metaplanet rose to 17th place on the list of publicly listed companies with Bitcoin holdings.
According to the list, the companies with the largest Bitcoin reserves are MicroStrategy, Marathon Digital Holdings, Galaxy Digital Holdings, Tesla, and Coinbase.
Japan wants to attract crypto capital by relaxing regulations
Japan, known for its receptive attitude towards new and emerging technologies, has not had the best experience with digital assets, especially in the wake of the infamous Mt.Gox hack in 2014.
However, Japan recently expressed its desire to reform its strict regulatory framework for cryptocurrencies. This is not surprising, as a recent study found that the majority of Japanese institutional investors are considering entering the cryptocurrency space within the next three years.
Earlier this month, Japan’s Financial Services Agency (FSA) announced subscriber The company plans to reform the country’s regulations towards cryptocurrency gaming to stimulate growth in the blockchain gaming sector.
On October 2, an FSA insider said He said The financial watchdog is considering reviewing current digital asset regulations, which could pave the way for a cryptocurrency exchange-traded fund (ETF) and lower taxes on crypto gains. At press time, Bitcoin is trading at $63,720, up 1.9% over the past 24 hours.
Featured image from Unsplash.com, charts from Google Finance, CoinGecko.com, and TradingView.com