Japanese investment firm Metaplanet continues to boost its Bitcoin holdings by purchasing 106.97 BTC ($6.9 million) amidst the ongoing Bitcoin rally.
The hotel operator turned investment firm announced in an Oct. 15 notice that it has purchased an additional ¥1 billion or equal to $6.9 million worth of Bitcoin(BTC). Metaplanet’s latest BTC purchase brings their total crypto holdings to 855.48 BTC or $56 million.
On the day of purchase, Bitcoin soared by 2.06%, crossing the $65,000 threshold. This is the first time Bitcoin has reached that level since Sept. 30, rising over 10% from its lowest level this month and by 32% compared to its August low, signaling that it has entered a bull market.
At the time of writing, Bitcoin is trading hands at $65,233 according to data from crypto.news. In the past 24 hours, Bitcoin has reached a peak of $66,486 and sustained a market cap of $1.28 trillion. This surge coincided with a strong rally in the global equity market after Chinese officials announced that they will introduce a number of stimulus to support the property sector and government plans to boost spending.
Throughout this month, Metaplanet has been making frequent purchases of BTC in bulks of ¥1 billion, further diversifying its holdings. Metaplanet’s last ¥1 billion investment into Bitcoin occurred on Oct. 11. This brough the company’s holdings in cryptocurrency to 748.50 BTC.
In the past year, Metaplanet has continued to add to its Bitcoin holdings, following in the footsteps of companies like Microstrategy, Tesla, and Marathon Digital.
“Expect us to take up more space soon alongside some Bitcoin titans!” Gerovich wrote on his X post on Oct. 11.
In May 2024, Metaplanet announced its plans to invest more funds into its Bitcoin holdings as a way to combat economic challenges plaguing Japan, such as high government debt levels, negative real interest rates, and a depleting national currency.
Aside from Metaplanet, a number of Japanese investment firms have expressed interest in investing in crypto. Over 500 investment managers in Japan have considered investing in digital assets, according to a survey conducted by Nomura in June 2024.