Metaplanet’s Bitcoin Holdings Surge Past 855 BTC as Cryptocurrency Price Breaks $65,000 Barrier

TLDR

• Metaplanet, known as “Asia’s MicroStrategy,” increased Bitcoin holdings to 855.478 BTC
• The company’s stock price surged 15.71% following recent Bitcoin purchases
• Bitcoin price broke past $65,000, with analysts predicting potential parabolic rally
• Metaplanet’s average Bitcoin purchase price is ¥9,310,061 per BTC
• Democratic Presidential nominee Kamala Harris pledged support for digital asset regulation

Metaplanet, a Japanese investment firm often referred to as “Asia’s MicroStrategy,” has significantly increased its Bitcoin holdings in October 2024.

The company’s aggressive acquisition strategy has led to a 60% surge in its Bitcoin portfolio over the past 15 days.

As of October 15, Metaplanet’s total Bitcoin holdings stand at 855.478 BTC, acquired for an investment value of ¥7.965 billion.

The firm’s most recent purchase occurred on Tuesday, October 15, when it added 106.976 BTC to its holdings at a cost of 1 billion Japanese yen.

*Metaplanet purchases additional 106.97 $BTC* pic.twitter.com/o8QOiQc5NL

— Metaplanet Inc. (@Metaplanet_JP) October 15, 2024

This latest acquisition comes as Bitcoin’s price shows strong upward momentum, breaking past the $65,000 mark.

Metaplanet’s Bitcoin strategy has had a notable impact on its stock price. Following the announcement of its latest Bitcoin purchase, the company’s stock surged by 15.71%, reaching 1,105 JPY during Tuesday’s trading session.

Since adopting its Bitcoin strategy in May 2024, Metaplanet’s stock price has increased by more than 300%.

The average purchase price for Metaplanet’s Bitcoin holdings is ¥9,310,061 per BTC. This strategy of accumulating Bitcoin has drawn comparisons to MicroStrategy, the U.S.-based company known for its substantial Bitcoin investments.

Metaplanet’s approach offers Asian crypto investors a proxy for Bitcoin investment through traditional stock markets.

Meanwhile, the broader cryptocurrency market is showing signs of bullish momentum.

Bitcoin’s price has been fluctuating between $58,000 and $65,000 in recent weeks, with the latest surge pushing it past the crucial $65,000 resistance level. As of the latest report, Bitcoin is trading at $65,500, representing a 2.18% increase.

drop to $60,000,
rebound to $66,000,
retrace to $57,000,

$78,000 next!

— Ali (@ali_charts) October 14, 2024

Crypto analysts are closely watching Bitcoin’s performance relative to its 200-day moving average.

Historical data suggests that when Bitcoin breaks above this key level, it often triggers significant bull runs. Some analysts speculate that if this pattern holds, Bitcoin could potentially reach a new all-time high of $78,000.

The cryptocurrency market received additional positive news from the political sphere. Democratic Presidential nominee Kamala Harris has pledged to support a regulatory framework for digital assets.

This proposal, announced just weeks before the 2024 U.S. elections, aims to create wealth-building opportunities for Black communities through participation in the digital asset market.

Harris’s team stated, “She will make sure owners of and investors in digital assets benefit from a regulatory framework so that Black men and others who participate in this market are protected.”

This stance indicates a growing recognition of cryptocurrencies’ potential impact on financial inclusion and wealth creation among policymakers.

The combination of institutional investment from companies like Metaplanet, positive price action, and potential regulatory support from political figures has created a buzz in the cryptocurrency community. However, it’s important to note that the cryptocurrency market remains highly volatile and subject to rapid changes.

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