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Metaplanet buys 107 Bitcoins before ‘Uptober’
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On Tuesday (30), as September was coming to an end, the Japanese company Metaplanet announced a new purchase of Bitcoin (BTC). According to the announcement, the company acquired another 107 BTC, surpassing the mark of 500 coins in custody.
This new purchase consolidates the company’s optimistic stance with Bitcoin, which had its best result in history for September. The cryptocurrency appreciated 7.29% and left the market optimistic, since all the years that BTC appreciated in September ended with an increase in the fourth quarter.
In recent months, the Japanese-listed company has been purchasing Bitcoins consistently and making a hefty cash flow. Such regularity led the market to dub the company the “MicroStrategy of Asia”, because of the similarities with Michael Saylor’s company.
As Todaysgist reported, Metaplanet had made its last purchase on September 10, when it acquired US$2 million in BTC. After that, the company set aside 1 billion yen of its cash to make new BTC purchases.
Metaplanet’s Bitcoin Buying Spree Continues
After Monday’s purchase, the Japanese company surpassed the 500 BTC cash mark, with a total investment value of 4.75 billion Japanese yen. This is also the company’s first Bitcoin purchase following the Fed’s rate cut announcement in September.
Shortly after the announcement, Metaplanet’s share price rose 3.63% on the Tokyo Stock Exchange. Interestingly, the Nikkei index fell by more than 5%, which shows an inverse correlation between the company’s BTC purchases and market performance.
The company’s share price has seen gains of 540% year-to-date in 2024, however, it is still trading at a 66% discount to its 2024 high. This top occurred in May, after the company announced its first purchase of Bitcoin.
There is a lot of excitement in the cryptocurrency market as the fourth quarter begins. This optimism rose after September’s strong result and BTC surpassing the US$65,000 barrier, albeit for a few days.
More importantly, positive macro indicators and increased money supply could make things much more interesting. With interest cuts in the United States, Bitcoin can benefit from greater monetary liquidity and appreciate strongly.
Authorities at the US central bank (Fed) are expected to make another cut in interest rates – around 40% of analysts expect a cut of 50 basis points, just as occurred at the last meeting. If this happens, the price of BTC could rise to as high as $70,000.
Metaplanet buys 107 Bitcoins before ‘Uptober’
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Metaplanet buys 107 Bitcoins before ‘Uptober’
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Metaplanet buys 107 Bitcoins before ‘Uptober’
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Metaplanet buys 107 Bitcoins before ‘Uptober’
