Bitcoin Rally Fuels Metaplanet's Investment, Bringing Holdings to $56 Million

Japanese investment firm Metaplanet is ramping up its Bitcoin acquisitions, recently purchasing 106.97 BTC for approximately $6.9 million amid the ongoing Bitcoin rally.

In an announcement on October 15, Metaplanet revealed it has invested an additional ¥1 billion (around $6.9 million) in Bitcoin. This latest purchase brings the firm's total crypto holdings to 855.48 BTC, valued at $56 million.

On the day of the acquisition, Bitcoin experienced a 2.06% increase, surpassing the $65,000 mark for the first time since September 30. This marks a 10% rise from its lowest point this month and a substantial 32% increase from its August low, indicating that Bitcoin has entered a bullish phase.

As of now, Bitcoin is trading at approximately $65,233, with a peak of $66,486 in the last 24 hours and a market cap of $1.28 trillion. This surge aligns with a rally in the global equity markets, driven by announcements from Chinese officials regarding new stimulus measures to support the property sector and government spending initiatives.

Throughout October, Metaplanet has been actively purchasing Bitcoin in ¥1 billion increments, further diversifying its portfolio. The firm made its previous ¥1 billion investment on October 11, raising its cryptocurrency holdings to 748.50 BTC at that time.

In the past year, Metaplanet has consistently increased its Bitcoin investments, following the lead of notable companies like MicroStrategy, Tesla, and Marathon Digital.

“Expect us to take up more space soon alongside some Bitcoin titans!” wrote Gerovich in a post on X on October 11.

In May 2024, Metaplanet announced its intention to bolster its Bitcoin investments as a strategy to address economic challenges facing Japan, including high government debt levels, negative real interest rates, and a weakening national currency.

Interest in cryptocurrency investments is also growing among Japanese firms, with over 500 investment managers in Japan considering digital assets, according to a survey conducted by Nomura in June 2024.