Metaplanet Purchases Another 107 BTC as Crypto Market Begins Q4 with Positive Momentum
Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.
Japanese investment firm Metaplanet on Tuesday announced it had purchased an additional 107.9 Bitcoin, valued at 1 billion yen ($7m), as the crypto market kicks off the fourth quarter with optimism.
So far, the firm has accumulated 506.7 Bitcoin, totaling around 4.75 billion yen ($33.2m).
Metaplanet, frequently likened to “Asia’s MicroStrategy,” has ramped up its Bitcoin purchases as part of a deliberate strategy for its treasury reserves. This approach echoes that of MicroStrategy, the American firm renowned for its substantial Bitcoin investments.
*Metaplanet purchases additional 107.91 $BTC* pic.twitter.com/pPrRBGrJsC
Driven by the economic turbulence post-Covid19, where conventional financial assets oscillated wildly and depreciated, Metaplanet saw Bitcoin’s value as a bulwark against inflation and currency devaluation. Consequently, the company chose to diversify its assets by shifting some of its cash reserves into Bitcoin.
Through this accumulation, Metaplanet seeks to shield itself from the yen’s potential decline. It also intends to capitalize on Bitcoin’s expected future growth.
In September, Metaplanet announced it would partner with SBI Holdings’ crypto division to enhance its Bitcoin trading, storage and management capabilities. With its treasury expanding, Metaplanet is seeking out new tools and strategies to boost its financial flexibility, the company said.
Metaplanet is currently trading on the Tokyo Stock Exchange, a listing that typically limits direct investment opportunities for US investors due to distinct regulatory frameworks. Nonetheless, Metaplanet has unveiled intentions
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