Metaplanet purchased an additional ¥1 billion ($6.7 million) worth of Bitcoin, bringing their total BTC holdings to 639.50 BTC, valued at $40.54 million. The Tokyo-based firm’s stock surged over 10% following the announcement.
In a statement issued on October 7, Metaplanet disclosed that it had acquired an additional ¥1 billion in Bitcoin, equivalent to 108.786 BTC. The organization has acquired ¥1 billion in Bitcoin for its cryptocurrency reserves for the second time this month.
The Tokyo-based company holds 639.50 BTC in its reserves, valued at approximately $40.54 million at current market prices, following its recent BTC purchase.
The investment firm’s equities experienced a significant increase of over 10% shortly after the Bitcoin purchase was announced, as data from Google Finance indicated.
Metaplanet’s reserves surpassed 500 BTC for the first time in their cryptocurrency trading activities on Oct. 1, when the company made a comparable acquisition of ¥1 billion in Bitcoin.
Additionally, Metaplanet disclosed in an October 3 notice that it had executed a Bitcoin put options transaction with Singaporean digital asset trading firm QCP Capital.
The Japanese firm sold 223 contracts worth $62,000 worth of put options to the Singaporean firm as part of the agreement, which expires on December 27, 2024. Metaplanet generated a profit of 23.97 BTC in option premium due to the sale.
Metaplanet declared earlier this year that it intended to commence purchasing Bitcoin to mitigate economic pressures in Japan. The country was confronted with a weakening currency, protracted periods of negative real interest rates, and high government debt levels in May 2024.
Metaplanet is not the sole Japanese company implementing cryptocurrency as a revenue generator. Over 500 investment managers in Japan contemplated investing in cryptocurrency, according to a June survey conducted by Nomura and Laser Digital.
The survey also revealed that approximately half of the respondents are amenable to the use of stablecoins for daily transactions and settlements.
