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Japan-based publicly traded company Metaplanet has accelerated its Bitcoin 
$106,052 purchases, increasing its total BTC holdings to over 639. With the new acquisition announced on Monday, the company’s Bitcoin portfolio has further expanded.
Metaplanet’s Bitcoin Acquisition Strategy
On October 7, Metaplanet disclosed the purchase of an additional 108.78 BTC. Since May 2024, the company has regularly invested in Bitcoin, raising its total investment in this asset class to 6 billion Japanese yen.
Revenue from Options Trading
Last week, Metaplanet acquired Bitcoin worth 1.4 million dollars through options trading. The company successfully sold put options worth 62 thousand dollars, set to expire on December 27, 2024. As a result, the option premium of 23.97 BTC will be recognized as revenue.
Metaplanet and MicroStrategy Stocks
Currently, Metaplanet’s stock price is trading at around 1045, reflecting a 14% increase. The company has seen a 544% gain year-to-date but is trading at a 66% discount from its all-time high in May. Meanwhile, MicroStrategy shares have performed strongly, increasing by 8% this year.
Expectations for Bitcoin Price Rise
In early Asian markets on Monday, the price of Bitcoin rose by over 3%, surpassing the 63,600-dollar mark. After dropping below 60,000 dollars at the start of October, analysts predict a strong rally ahead for Bitcoin.
Historically, Bitcoin tends to rise by 31.72% after hitting a low at the beginning of October. Having declined to 59,800 dollars on October 3, BTC is showing signs of recovery. If this trend continues, Bitcoin is expected to reach 77,700 dollars by the end of October.
According to a recent research report from 10x Research,
“October is filled with critical catalysts that could sustain upward momentum. Geopolitical factors are unlikely to disrupt this bullish trend, offering intriguing opportunities for investors looking to capitalize on market volatility.”
In light of these developments, October is expected to be a significant turning point for the Bitcoin market. Metaplanet’s ongoing Bitcoin acquisitions and stable growth strategy may positively contribute to market dynamics.
