Asia’s MicroStrategy Metaplanet Buys 107 Additional Bitcoins Just Before Uptober Rally Kickstarts
The post Asia’s MicroStrategy Metaplanet Buys 107 Additional Bitcoins Just Before Uptober Rally Kickstarts appeared on BitcoinEthereumNews.com.
On Tuesday, Asia’s MicroStrategy Metaplanet announced the purchase of 107 Bitcoins to its kitty just as the crypto market kickstarts Q4 on an optimistic note with investors eyeing a Bitcoin Uptober rally. Over the past few months, the Japanese-listed firm has been consistently buying Bitcoins by adopting MicroStrategy’s playbook to add BTC to the balance sheet. Metaplanet Bitcoin Buying Spree Continues In its latest disclosure, Metaplanet said that it had infused an additional 1 billion Yen to make fresh BTC purchases while the BTC price traded 1.32% down at $63,657 levels with a market cap of $1.257 trillion. With today’s purchase, the Japanese firm took its total BTC holdings to more than 500 with a total investment value of 4.75 billion Japanese Yen. This is also the first Bitcoin buying from the company following the Fed rate cut announcement in September. *Metaplanet purchases additional 107.91 $BTC* pic.twitter.com/pPrRBGrJsC — Metaplanet Inc. (@Metaplanet_JP) October 1, 2024 Soon following the announcement, the Metaplanet stock price surged 3.63% currently trading around 1,027 levels. The stock price is trading at 540% year-to-date gains, however, it’s still trading at a 66% discount from its 2024 high of 3,000 in May when the company announced its Bitcoin purchase for the very first time. Bitcoin closed September with nearly 8% gains making it one of the best September’s over the past decade. However, the bulls failed to hold above the crucial resistance level of $65,000 with Bitcoin and altcoins falling sharply on Monday. Bohan Jiang, head of OTC options trading at Abra said: “Selling flow was driven mainly by profit taking via active spot selling on exchanges as well as new shorts entering the market with open interest in BTC increasing in the perpetual futures market”. Investors Looking Forward to Bitcoin Uptober Rally There’s a lot of excitement…
Filed under: News - @ October 1, 2024 4:24 am