Metaplanet Continues Bitcoin Buying Spree, Adds 107 BTC Despite Market Fluctuations
- Metaplanet purchased 107.913 BTC, valued at ¥1 billion, increasing its total holdings to 506 BTC, worth $32 million.
- Metaplanet’s stock surged 3.63%, closing at 1,027 yen, with a 540% year-to-date gain.
- The firm partnered with SBI Group to enhance Bitcoin trading, focusing on compliant custody and leveraging tax efficiency.
Metaplanet has expanded its Bitcoin holdings with a fresh purchase of 107.913 BTC, valued at ¥1 billion which is roughly $7 million. This development occurs as the crypto market starts Q4 on a high , with investors watching for a possible Bitcoin surge.
Metaplanet currently has around 506 BTC in its possession, which amounts to $32 million at the current market rates.
Metaplanet Consistent Bitcoin Strategy
The company has been following a strategy inspired by MicroStrategy , the US-based company known for its aggressive Bitcoin acquisitions. By adopting this approach, Metaplanet has consistently added to its Bitcoin reserves despite fluctuations in the market. The firm views Bitcoin as a key treasury asset, helping it navigate Japan’s ongoing economic challenges.
Earlier in September, Metaplanet partnered with SBI Group’s crypto investment arm to enhance its Bitcoin trading and custody services. This collaboration aims to ensure compliant corporate custody while leveraging tax efficiency and using Bitcoin as collateral.
With Japan’s tax environment becoming more favorable, the firm hopes to attract domestic investors to its Bitcoin-focused strategy.
Read CRYPTONEWSLAND on google newsImpact of Recent Purchase on Market
Following the announcement of the recent Bitcoin acquisition, Metaplanet’s stock price increased by 3.63%, closing at 1,027 yen. The stock has surged 540% this year.
Despite the recent drop in Bitcoin prices, Metaplanet’s steady purchase indicates the company’s long-term confidence in bitcoin. Today’s acquisition follows the Federal Reserve’s rate cut in September, which restored market optimism regarding Bitcoin’s future.
Metaplanet’s continued financial commitment to Bitcoin displays the company’s belief in the cryptocurrency’s value as a key asset. Metaplanet is in a strong position for future gains as the market gears up for a possible Bitcoin rally.
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