2024

Bitcoin

Read

Japanese budget hotel operator turned investment firm, Metaplanet, purchased $6.7 million worth of Bitcoin. This brings their total Bitcoin reserves to 639.50 BTC. 
In a statement released on Oct. 7, <a rel="" href="https://crypto.news/metaplanet-adds-btc-holdings-after-put-options-sale-with-qcp-capital/">Metaplanet</a> announced that it has bought an additional ¥1 billion worth of Bitcoin(<a rel="" href="https://crypto.news/price/bitcoin/">BTC</a>) or equal to 108.786 BTC. This is the second time this month that the firm has purchased ¥1 billion worth of Bitcoin for their cryptocurrency reserves. 
After their recent BTC purchase, the Tokyo-based firm now holds 639.50 BTC in their reserves, valued at approximately $40.54 million at current market prices. 
According to data from <a href="https://www.google.com/finance/quote/3350:TYO?hl=en" target="_blank" rel="nofollow">Google Finance</a>, the investment firm’s stocks went up over 10% shortly after they announced the Bitcoin purchase. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 *Metaplanet purchases additional 108.78 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$BTC</a>* <a rel="nofollow" href="https://t.co/Pz2AHupm1T" target="_blank">pic.twitter.com/Pz2AHupm1T</a>— Metaplanet Inc. (@Metaplanet_JP) <a href="https://twitter.com/Metaplanet_JP/status/1843125310600184288?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 7, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
On Oct. 1, the firm made a <a rel="" href="https://crypto.news/metaplanet-pushes-bitcoin-holdings-past-500-btc-with-latest-buy/">similar purchase </a>of ¥1 billion worth of Bitcoin, bringing Metaplanet’s reserves above 500 BTC for the first time in their cryptocurrency trading activities. 
Not only that,&nbsp;Metaplanet announced in an <a rel="" href="https://crypto.news/metaplanet-adds-btc-holdings-after-put-options-sale-with-qcp-capital/">Oct. 3 notice</a> that it had made a Bitcoin put&nbsp;options transactions deal with Singaporean digital asset trading firm&nbsp;<a rel="" href="https://crypto.news/qcp-capital-predicts-a-larger-bull-run-post-bitcoin-halving/">QCP Capital</a>. 
As part of the deal, the Japanese firm sold 223 contracts worth $62,000 put options which expires on Dec. 27, 2024 to the Singaporean firm. The sale made Metaplanet a profit of 23.97 BTC in option premium. 
 You might also like: <a rel="" href="https://crypto.news/metaplanet-adds-btc-holdings-after-put-options-sale-with-qcp-capital/"> Metaplanet adds BTC holdings after put options sale with QCP Capital </a> 
Metaplanet announced earlier this year that it planned to start buying Bitcoin as a way to sustain against economic pressures in Japan. In May 2024, the country had been facing high government debt levels, prolonged periods of negative real interest rates, and a weaking currency. 
Metaplanet is not the only Japanese firm that has leaned into cryptocurrency to sustain its profits. According to a <a rel="" href="https://x.com/Nomura/status/1805126295757410622?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1805126295757410622%7Ctwgr%5Ed0006c9c4ae2e4529993eb51679cf1594a3b0a93%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcrypto.news%2Fjapanese-consulting-firm-metaplanet-to-put-6-2m-in-bitcoin%2F">June survey</a> by Nomura and Laser Digital, over 500 investment managers in Japan considered investing in crypto. 
The survey also found that about half of the respondents are open to using <a rel="" href="https://crypto.news/tag/stablecoin/">stablecoins</a> for settlements and daily transactions. 
 Read more: <a rel="" href="https://crypto.news/japanese-consulting-firm-metaplanet-to-put-6-2m-in-bitcoin/"> Japanese consulting firm Metaplanet to put $6.2m in Bitcoin </a>

Japan’s Metaplanet adds another $6.7m to their BTC reserves

crypto.news

Other articles published on Oct 7, 2024

Solana (SOL) Recovers, Outperforming Ethereum in Last 30 Days

Consensys Faces Setback as Court Dismisses Lawsuit Against SEC

Elon Musk’s Support for Trump Boosts Traders! Huge Profits Made

Bitcoin Nears $64K After Positive U.S. Jobs Data Boosts Optimism

New Ethereum proposal EIP-7781 introduced, know details

Russia Plans Separate Category for Crypto Miners to Regulate Energy Usage

Join our free newsletter for daily crypto updates!