Bitcoin’s recent performance in terms of price has grabbed attention as it moved from nearly $66,000 at the end of September, dropped to $60,000 on 1st October, and then rebounded.
Currently trading at $63,480, reflecting a 2.3% increase over the last 24 hours according to CoinMarketCap, the digital currency is displaying strong bullish signals.
Metaplanet’s Fresh Bitcoin Acquisition
In line with this trend, the Japanese investment company Metaplanet has disclosed its purchase of an additional 108.78 BTC for $6.7 million (1 billion yen), pushing its total Bitcoin holdings to 639.5 BTC, valued at around $40 million.
Commenting on this development, a certain individual remarked,
“Great investment decision!”
Moreover, data from Bitcoin Treasuries indicated that Metaplanet began acquiring BTC on 23rd April.
Therefore, this latest transaction on 7th October marks its thirteenth acquisition, with the most recent accumulation totaling 107.9 BTC, valued at 1 billion yen ($6.9 million).
Metaplanet’s Strategic Approach Unveiled
These recent purchases demonstrate Metaplanet’s consistent strategy to increase its BTC holdings amidst a renewed positive outlook for the final quarter of the year in the crypto market.
In this context, Metaplanet has stood out with its proactive stance on buying Bitcoin, drawing parallels to MicroStrategy and earning the moniker of “Asia’s MicroStrategy” due to its institutional-grade commitment to BTC.
Consequently, through the embrace of BTC, Metaplanet aims to navigate through Japan’s economic challenges characterized by negative interest rates and extensive quantitative easing.
Are Bitcoin ETFs Poised to Exceed Satoshi Nakamoto’s BTC Holdings?
The emergence of Bitcoin ETFs has undeniably marked a pivotal moment, altering the mainstream perception—particularly within Wall Street—from considering BTC as a risky asset to viewing it as a strategic opportunity.
As a result, institutional interest in BTC has surged, with U.S. Spot Bitcoin ETFs currently holding 4.6% of BTC’s total supply, amounting to $58 billion and nearing the holdings of Bitcoin’s biggest holder, Satoshi Nakamoto.
This was further corroborated by data from SoSoValue indicating that BTC ETFs have amassed a total of $57.73 billion in assets, with BlackRock at the forefront, managing $22.91 billion solely in its Bitcoin ETF.
Sharing his insights on this matter, Eric Balchunas, Bloomberg’s Senior ETF Analyst, highlighted in a recent tweet,
“U.S. bitcoin ETFs had good day yesterday pushing YTD flows to new high water mark of $17.8b. They’re now 92% of the way to owning 1million bitcoin and 83% of way to passing Satoshi as top holder. Tick tock..”
Therefore, as BTC adoption continues to rise, it will be fascinating to observe whether Nakamoto will retain his position as the top Bitcoin holder or if a shift occurs.