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<p class="is-style-lead">Japan’s Metaplanet, the budget hotel operator turned investment firm, has added $6.94 million worth of Bitcoin to its growing holdings.</p>
<p>According to its Oct. 1 disclosure, Metaplanet has purchased an additional 107.913 Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC)</a> for a total investment of ¥1 billion ($6.94 million), marking one of its biggest single purchases. This brings the company’s Bitcoin holdings to 506.745, with the stash currently valued at $32.45 million.</p>
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   <p lang="en" dir="ltr">*Metaplanet purchases additional 107.91 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>* <a rel="noopener noreferrer nofollow" href="https://t.co/pPrRBGrJsC" target="_blank">pic.twitter.com/pPrRBGrJsC</a></p>— Metaplanet Inc. (@Metaplanet_JP) <a href="https://twitter.com/Metaplanet_JP/status/1840954225796186287?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 1, 2024</a>
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<p>Metplanet has invested 4.75 billion yen since announcing its adoption of Bitcoin as a reserve asset, picking up BTC at an average price of ¥9.373.557 per coin (roughly $65,000).</p>
<p>The Tokyo-headquartered company’s decision to increase its Bitcoin reserves is part of a larger strategy to hedge against Japan’s <a href="https://crypto.news/japanese-yen-goes-to-zero-against-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">economic challenges</a>, including the depreciation of the yen.&nbsp;</p>
<p>Since May 2024, Metaplanet has <a href="https://crypto.news/japanese-consulting-firm-metaplanet-to-put-6-2m-in-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">continued diversifying</a> its holdings into Bitcoin, following in the footsteps of U.S. firm MicroStrategy, which has adopted similar strategies. As a result, market proponents have dubbed it “Asia’s MicroStrategy.”</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/bitcoins-october-magic-is-uptober-making-a-comeback/"> Bitcoin’s October magic: Is “Uptober” making a comeback? </a></p>
<p>The latest transaction follows a <a href="https://crypto.news/japans-metaplanet-boosts-bitcoin-reserves-to-nearly-400-btc/" target="_blank" rel="noopener noreferrer nofollow">$2 million investment</a> into the flagship crypto last month when it scooped up 38.4 BTC. In August, the company <a href="https://crypto.news/japans-metaplanet-buys-nearly-60-btc-following-%c2%a51b-loan/" target="_blank" rel="noopener noreferrer nofollow">secured a ¥1 billion loan</a> from one of its stakeholders, MMXX Ventures, and subsequently bought 57.103 BTC for ¥500 million.</p>
<p>At the same time, Metaplanet also announced plans to raise $70 million through stock rights offerings, vowing to allocate over 80% of that amount towards its Bitcoin strategy.</p>
<p>Reinforcing its commitment, Metaplanet has <a href="https://crypto.news/metaplanet-taps-sbi-vc-trade-for-bitcoin-custody/" target="_blank" rel="noopener noreferrer nofollow">partnered</a> with SBI VC Trade, a subsidiary of Japan’s financial giant SBI Group. This collaboration will help Metaplanet ensure compliance and enhance tax efficiency while also offering corporate custody services and financing options using Bitcoin as collateral.</p>
<h2 class="wp-block-heading" id="japan-s-growing-appetite-for-crypto">Japan’s growing appetite for crypto</h2>
<p>Metaplanet’s Bitcoin strategy aligns with the <a href="https://crypto.news/japans-largest-pension-fund-to-explore-bitcoin-investments/" target="_blank" rel="noopener noreferrer nofollow">growing interest</a> from Japanese investment managers, who, according to a June <a href="https://laserdigital.com/wp-content/uploads/2024/06/Japan-Market-Survey-On-Digital-Asset-investment-Trends-2024-1.pdf" target="_blank" rel="noopener noreferrer nofollow">survey</a>, have expressed interest in exploring crypto investments.</p>
<p>Meanwhile, regulators in Japan are considering easing crypto regulations to encourage more investment in the sector. As <a href="https://crypto.news/japans-fsa-to-reclassify-crypto-in-upcoming-rule-review-report/" target="_blank" rel="noopener noreferrer nofollow">reported</a> by crypto.news, Japan’s Financial Services Agency is set to review its existing rules, which could lead to reduced taxes and enable domestic funds to invest in cryptocurrencies.</p>
<p>Earlier this year, the Ministry of Economy, Trade and Industry <a href="https://crypto.news/japanese-cabinet-approves-crypto-assets-for-investment-by-venture-capital-firms/" target="_blank" rel="noopener noreferrer nofollow">greenlighted</a> local investment limited partnerships firms to invest in cryptocurrencies as a part of former Prime Minister Fumio Kishida’s “new capitalism” policy.</p>
<p>Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/bitcoin-price-could-jump-by-210-mining-executive-predicts/"> Bitcoin price could jump by 210%: mining executive predicts </a></p>

Metaplanet pushes Bitcoin holdings past 500 BTC with latest buy

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