Metaplanet, a Japanese investment firm, is making a big bet on Bitcoin. They recently bought another $6.7 million worth of Bitcoin, bringing their total holdings to over 639 BTC. This makes them the 17th largest publicly-listed company holding Bitcoin, putting them in the same league as MicroStrategy, Tesla, and Coinbase.
Buying the Dip
This purchase comes at a time when Bitcoin’s price is facing some headwinds. Geopolitical tensions are making investors nervous, but Metaplanet seems unfazed. They believe this is a good time to buy Bitcoin, and their stock price actually went up after the announcement.
Metaplanet has been on a Bitcoin buying spree this month. They bought over 107 BTC on October 1st and even made a profit by selling Bitcoin put options. Their total Bitcoin holdings are now worth over $40 million.
Japan’s Crypto Ambitions
Japan has been a bit hesitant about cryptocurrencies in the past, but that seems to be changing. The country is looking to attract crypto capital by easing regulations. A recent survey found that many Japanese institutional investors are planning to enter the crypto space in the next few years.
The Financial Service Agency (FSA) is considering reviewing its crypto regulations, which could lead to things like crypto ETFs and lower taxes on crypto profits.
Overall, it seems like Japan is getting serious about becoming a crypto hub. With companies like Metaplanet leading the way, the future of Bitcoin in Japan looks bright.
