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

Japanese investment firm Metaplanet continues to increase its Bitcoin holdings by purchasing 106.97 BTC ($6.9 million) amid the ongoing Bitcoin rally.

The hotelier turned investment firm announced on October 15 that it had purchased an additional ¥1 billion, or $6.9 million, worth of Bitcoin (BTC). Metaplanet’s latest BTC purchase brings its total crypto holdings to 855.48 BTC, or $56 million.

On the day of purchase, Bitcoin increased by 2.06% and surpassed the $65,000 threshold. This is the first time Bitcoin has reached this level since September 30, signaling it has entered a bull market, up over 10% from this month’s low and 32% from its August low.

At the time of writing this article, Bitcoin is trading at $65,233, according to crypto.news data. Over the past 24 hours, Bitcoin reached a peak of $66,486 and maintained a market cap of $1.28 trillion. The increase coincided with a strong rally in the global stock market after Chinese authorities announced a series of incentives to support the real estate sector and the government announced plans to increase spending.

During this month, Metaplanet further diversified its holdings by frequently purchasing ¥1 billion worth of BTC. Metaplanet’s last ¥1 billion investment in Bitcoin took place on October 11. This brought the company’s cryptocurrency holdings to 748.50 BTC.

Last year, Metaplanet continued to increase its Bitcoin holdings, following in the footsteps of companies like Microstrategy, Tesla, and Marathon Digital.

“Expect us to take more space alongside the Bitcoin giants soon!” Gerovich wrote in an October 11 X post.

In May 2024, Metaplanet announced plans to invest more funds in Bitcoin assets as a way to combat economic challenges plaguing Japan, such as high government debt levels, negative real interest rates, and a depleted national currency.

Besides Metaplanet, a number of Japanese investment firms have also expressed interest in investing in crypto. More than 500 investment managers in Japan are considering investing in digital assets, according to a June 2024 survey by Nomura.