Metaplanet, a Japanese investment firm, recently expanded its Bitcoin reserves to 639.50 BTC by purchasing an additional $6.7 million.
Metaplanet Key Investment Move
Japanese investment firm Metaplanet purchased $6.7 million worth of Bitcoin, increasing their total holdings to 639.50 BTC. This marks their second such acquisition this month. The firm has been diversifying its reserves amid growing economic instability in Japan, including high government debt and negative interest rates.
Put Options Deal
Metaplanet also finalized a deal with QCP Capital, selling 223 Bitcoin put options contracts that expire in December 2024. This transaction generated 23.97 BTC in profits, further strengthening the firm’s position in the crypto market.
Rising Interest in Crypto
Metaplanet is not alone in turning to cryptocurrency. A survey by Nomura and Laser Digital found that over 500 Japanese investment managers are exploring similar avenues. The survey also revealed that nearly half of the participants are open to using stablecoins for settlements.
Positive Market Reaction
Metaplanet’s stock rose 10% after announcing the Bitcoin purchase, demonstrating investor confidence in their crypto-focused strategy.
Sustaining Against Economic Pressure
With Japan’s economic issues worsening, Metaplanet’s Bitcoin acquisitions could provide a buffer. Cryptocurrency is becoming a popular tool among Japanese firms to navigate uncertain financial climates.
Disclaimer:
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