Metaplanet Buys Another 107 BTC, Q4 Brings Positive Crypto Market Value
Date: 2024-10-01 Author: Henry Casey Categories: BUSINESS
Japanese company Metaplanet announced the purchase of another 107.9 bitcoins, spending 1 billion yen (about $7 million) on this, which indicates the continuation of positive dynamics in the cryptocurrency market at the beginning of the fourth quarter of 2024. This brings the total amount of bitcoins accumulated by Metaplanet to 506.7 BTC, which is equivalent to about 4.75 billion yen ($33.2 million).
Metaplanet is often compared to the American company MicroStrategy, which is also known for its large investments in bitcoin. Like MicroStrategy, the Japanese firm actively uses bitcoin as a core element of its reserve management strategy.
Betting on Bitcoin as a hedge against inflation and currency fluctuations
The economic difficulties that arose after the Covid-19 pandemic prompted Metaplanet to reconsider its investment priorities. The volatility and depreciation of traditional financial assets made Bitcoin an attractive instrument for hedging against inflation and currency devaluation. That is why the company decided to diversify its reserves by transferring some of its assets into Bitcoin, which helps it mitigate the risks associated with a possible weakening of the Japanese yen. In addition, Metaplanet expects the value of Bitcoin to further increase in the future.
Partnership with SBI to Enhance Cryptocurrency Management Capabilities
In September, the company announced a partnership with the cryptocurrency division of SBI Holdings, which will allow it to improve its capabilities for trading, storing and managing Bitcoin. Metaplanet is actively expanding its tools to increase the flexibility of financial transactions, especially in light of the growth of its reserves.
Metaplanet is listed on the Tokyo Stock Exchange, which limits the opportunities for investors from the United States due to differences in market regulation. However, the company plans to tokenize its shares through the Bitcoin-based Liquid network, an innovation that will allow U.S. and international investors to participate in Metaplanet investments, expanding the range of interested parties.
