Bank

Bitcoin

April

when

Japanese company Metaplanet expanded its Bitcoin holdings to become one of Asia’s largest public holders of the crypto. The move comes at a time of yen weakness and political uncertainty in Japan. 
However, the company is being compared to MSTR as it added strategic financial value to its stock since it started accumulating BTC. 
<h3 id="span-data-preserver-spaces-true-metaplanet-aggressively-acquires-bitcoin-in-october-span">Metaplanet aggressively acquires Bitcoin in October</h3> 
<a href="https://www.cryptopolitan.com/metaplanet-completes-stock-acquisition/">Metaplanet</a>, a Japanese company listed on the Tokyo Stock Exchange, purchased 156.783 BTC on Monday. In its public <a class="editor-rtfLink" href="https://twitter.com/gerovich/status/1850737795826155772" target="_blank" rel="noopener nofollow">statement</a>, the company revealed that the total Bitcoin holding of the company has now surpassed 1,018 BTC. The company reportedly spent 9.62 billion yen in an aggregated amount for the purchases. 
The investment company is dubbed Japanese ‘MicroStrategy’ as it is among Asia’s largest public Bitcoin holders. According to Bitcoin Treasuries, Metaplanet is in the top 20 companies globally, with BTC holdings making up 50% of its market cap. According to the <a class="editor-rtfLink" href="https://bitcointreasuries.net/entities/metaplanet" target="_blank" rel="noopener nofollow">platform</a>, Metaplanet dominates 0.005% of the total BTC supply, while MSTR holds 1.2%. Most of the companies on the list are US-based like Marathon Digital, Riot Platforms, Tesla, and Coinbase. Another Asian company on the list includes Chinese Meitu Inc., which holds 940.6 BTC. 
<figure id="attachment_606441" aria-describedby="caption-attachment-606441" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="size-full wp-image-606441" src="https://www.cryptopolitan.com/wp-content/uploads/2024/10/Metaplanet-Inc.png" alt="Company's BTC holdings | Image: Bitcoin Treasuries " width="982" height="727" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/10/Metaplanet-Inc.png 982w, https://www.cryptopolitan.com/wp-content/uploads/2024/10/Metaplanet-Inc-300x222.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/10/Metaplanet-Inc-768x569.png 768w" sizes="(max-width: 982px) 100vw, 982px">
 <figcaption id="caption-attachment-606441" class="wp-caption-text">
 Company’s BTC holdings | Image: Bitcoin Treasuries
 </figcaption>
</figure> 
Metaplanet first reported its Bitcoin balance in April 2024, as per Bitcoin Treasuries. Since then, the company stock has skyrocketed by 468%. On October 28, Metaplanet’s stock was trading at $7.50 (¥1,150), and its market cap was over $140 million. As per TradingView charts, the company stock experienced volatility in August during high stock demand. 
<h3 id="span-data-preserver-spaces-true-yen-weakens-but-stock-has-span-span-data-preserver-spaces-true-gained-span">Yen weakens but stock has gained</h3> 
Since April, when Metaplanet first disclosed its Bitcoin holdings, the stock has seen major growth. The Bollinger Bands and the Relative Strength Index (RSI) charts show strong bullish momentum. Since the company’s BTC accumulation, the stock saw periods of overbought conditions when the RSI was above 70. The current RSI level hovers around the mid-50s with buying demand pushing the stock up. 
The Metaplanet accumulation of Bitcoin also aligns with the weakening yen and political instability in Japan. The firm bought Bitcoin 7 times between October 1 and October 28 as per the charts. The Bitcoin value increased from $62,800 to $67,400 in the month. What fell is the value of the <a class="editor-rtfLink" href="https://www.reuters.com/markets/currencies/yen-slips-japans-election-result-clouds-boj-rate-hike-prospects-2024-10-27/" target="_blank" rel="noopener nofollow">yen</a> to its lowest level since July, sliding by almost 6% in October. 
<figure id="attachment_606440" aria-describedby="caption-attachment-606440" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-606440 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/10/METAPLANET-STOCK.png" alt="Metaplanet stock records gains | Source: TradingView" width="1835" height="819" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/10/METAPLANET-STOCK.png 1835w, https://www.cryptopolitan.com/wp-content/uploads/2024/10/METAPLANET-STOCK-300x134.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/10/METAPLANET-STOCK-1200x536.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/10/METAPLANET-STOCK-768x343.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/10/METAPLANET-STOCK-1536x686.png 1536w" sizes="(max-width: 1835px) 100vw, 1835px">
 <figcaption id="caption-attachment-606440" class="wp-caption-text">
 Metaplanet stock records gains | Source: TradingView
 </figcaption>
</figure> 
According to Reuters, Japan’s ruling Liberal Democratic Party and its ally couldn’t reach the majority mark and only secured 215 of 465 seats. The opposition parties have gained seats during the election but it comes before Japan’s crucial decision on interest rates. According to several analysts, the Bank of Japan could keep the interest rate unchanged this time around. 
Japan’s near-zero interest rates and repercussions of carry trades have been a topic of global discussions this year.&nbsp; Economist Joseph Brusuelas believes that the switch in administrative power will likely result in the central bank delaying expected interest rate hikes. Brusuelas <a class="editor-rtfLink" href="https://x.com/joebrusuelas/status/1850870052482122080" target="_blank" rel="noopener nofollow">adds</a>, “Political uncertainty &amp; cost of living concerns at play in the intersection of politics, economics &amp; financial markets.”

Metaplanet’s bold 157 Bitcoin buy aligns with yen weakness

Table of Contents

Cryptopolitan_News

Other articles published on Oct 28, 2024

Understanding Gas Fees: How to Minimise Costs When Betting with Ethereum

Weekly Article Recap: 10/14-10/18

Do Betting Odds Know Best?

Is Tether Bolstering USDT with $5.58B Bitcoin Reserves?

Popo The Frog Announces Major Developments Including 75% Burn, Contract Renouncement, & Trading E...

Meme Coins at Risk: Could a Trump Victory End the Frenzy?

Join our free newsletter for daily crypto updates!