2024

Bitcoin

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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 $40.54 million at current market prices. 
According to data from <a href="https://www.google.com/finance/quote/3350:TYO?hl=en" target="_blank" rel="nofollow">Google Finance</a>, the investment firm’s stocks went up over 10% shortly after they announced the Bitcoin purchase. 
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 *Metaplanet purchases additional 108.78 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$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>
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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

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