Metaplanet’s Bitcoin reserves nearing 750 BTC after bulk buy

Japanese investment company Metaplanet purchased $6.7 million worth of Bitcoin, adding 108.99 BTC to its expanding cryptocurrency reserves.

On October 11, Metaplanet invested ¥1 billion or equal to $6.7 million in Bitcoin (BTC) reserves. This brings the company’s holdings in the cryptocurrency to 748.50 BTC, currently valued at $45.65 million.

This marks the Tokyo-based hotel operator converting the investment firm’s third investment of ¥1 billion into Bitcoin assets since the beginning of this month. The firm previously purchased 108,786 BTC on October 7, bringing its total Bitcoin reserves to 639.50 BTC, or $40.54 million, based on market prices at the time of purchase.

On October 9, Metaplanet CEO Simon Gerovich published a chart comparing Metaplanet’s Bitcoin reserves to those held by other companies around the world, including Microstrategy, Tesla, and Marathon Digital.

“Expect us to take up more space alongside some Bitcoin giants soon!” Gerovich wrote on the X post.

The company with the largest Bitcoin reserves on the chart is Microstrategy, with 252,220 BTC since its last purchase of 7,420 BTC on September 20.

Metaplanet has been dubbed “Asia’s MicroStrategy” by market advocates after following in the footsteps of the US AI analysis firm.

Metaplanet announced it would continue to diversify its Bitcoin holdings in May 2024, as Japan grapples with high government debt levels, negative real interest rates and a weakening national currency.

To keep up with this mission, Metaplanet has partnered with Singaporean digital asset trading firm QCP Capital and Japan’s SBI VC Trade.

The Japanese investment company sold 223 contracts worth $62,000 to the Singaporean firm, giving Metaplanet a profit of 23.97 BTC from the option premium. Metaplanet’s partnership with SBI VC Trade provides the firm with institutional custody services and financing options using Bitcoin as collateral.

Metaplanet is not the only Japanese firm taking steps to invest in cryptocurrency. More than 500 investment managers in Japan have expressed interest in digital asset investments, according to a June survey by Nomura and Laser Digital.

The survey found that nearly 50% of respondents are also open to using stablecoins for payments and daily transactions.