bullish

Bitcoin

when

Japanese investment firm Metaplanet Inc. went bullish on the world’s biggest digital asset and bought 107.913 Bitcoin to its portfolio. The accumulation weighed around 1 billion Yen (approx. $6.9 million). This comes in when BTC price had seen an almost 10% surge in September.
Metaplanet has now joined the list of heavyweights like <a href="https://www.cryptopolitan.com/is-mstr-a-better-investment/" rel="noopener noreferrer nofollow">MicroStrategy</a> (approx. holding 252,220 BTC) and Marathon Digital (approx. holding 26,200 BTC). Earlier, MicroStrategy announced that it acquired approx. 18,300 Bitcoin between August 6 and September 12, 2024.
<h3 id="span-style-font-weight-400-metaplanet-makes-1-billion-bet-on-bitcoin-span">Metaplanet makes ¥1 billion bet on Bitcoin</h3>
As per the <a href="https://x.com/bitcoinmagazine/status/1840957602869514393?s=61" target="_blank" rel="noopener noreferrer nofollow">fillings</a>, Metaplanet announced that it has added 1 billion Yen worth of Bitcoin at an average price of 9.26 million yen ($64,168) per BTC. It brings their total holdings to 506.745 BTC, approx. worth $32.2 million at current prices.&nbsp;
Overall the investment firm has invested 4.75 billion yen in Bitcoin and it has come with an average acquisition price of 9.37 million yen ($64,931) per BTC. This shows Metaplanet’s emerging commitment to the digital <a href="https://www.cryptopolitan.com/metaplanet-inc-total-btc-reserves-to-398-8/" rel="noopener noreferrer nofollow">asset</a> market.
Following the news, Metaplanet’s stock also jumped by over 4% to hit the 1,049 yen mark. Meanwhile, the enthusiasm train took a downturn as it is now trading at an average price of 1,008 yen.
<a href="https://www.cryptopolitan.com/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price</a> saw a marginal decline over the last 24 hours as it wasn’t able to hold on to the $64,000 mark. BTC is trading at an average price of $63,974, at press time. However, its 24-hour trading volume jumped by around 69% to stand at $35.4 billion. The biggest digital asset is still running up by 51% on the year to date (YTD) basis.
<h3 id="span-style-font-weight-400-japan-s-investment-firm-joins-btc-gold-rush-span">Japan’s investment firm joins BTC gold rush</h3>
The Japanese investment adviser seems to be mimicking MicroStrategy’s Bitcoin plan. Back in August, Metaplanet secured a 1 billion yen (approx. $6.8 million) loan to ramp up its BTC purchases. The loan was borrowed from shareholder MMXX Ventures and was earmarked entirely for buying more Bitcoin. The six-month loan carries a low interest rate of 0.1% per year.&nbsp;
Earlier this year, Metaplanet also adopted Bitcoin as a reserve asset to hedge against the volatility of the yen. This comes in line with the <a href="https://www.cryptopolitan.com/microstrategy-private-offering-of-875-m/" rel="noopener noreferrer nofollow">MSTR strategy</a> where it has been acquiring Bitcoin for over four years and now holds over 1% of all BTC that will ever exist.

Japan’s Metaplanet buys ¥1 billion in Bitcoin

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