Asia-based Metaplanet has announced the purchase of 107 Bitcoin 
$104,641, signaling a hopeful start for the cryptocurrency market in the fourth quarter. The company, headquartered in Japan, has been following MicroStrategy’s strategy in recent months, continuing to add Bitcoin to its balance sheet.
Increase in Bitcoin Purchases
In its latest announcement, Metaplanet revealed that it invested an additional 1 billion Japanese yen for new BTC purchases while the price of Bitcoin had dipped by 1.32% to around $63,657. With this purchase, the total Bitcoin holdings of the Japanese firm have surpassed 500, raising its total investment value to 4.75 billion Japanese yen. This latest acquisition follows the company’s first Bitcoin purchase made after the Fed’s interest rate cut announcement in September.
Stock Price Surge
Immediately after the announcement, Metaplanet’s shares rose by 3.63%, reaching levels around 1,027. Although the shares have increased by 540% since the beginning of the year, they are still trading 66% below the 3,000 level at which Bitcoin purchases were first disclosed in May.
Bitcoin Market and Future Expectations
Bitcoin closed September with approximately an 8% increase, marking one of the best Septembers in the last decade. However, bullish sentiment could not maintain the critical resistance level at $65,000, leading to a sharp decline in Bitcoin and altcoins on Monday. Bohan Jiang, head of OTC options trading at Abra, explained that “the selling flow was primarily driven by active spot sales on exchanges and the entrance of new short positions due to increased open interest in the perpetual futures market.”
The cryptocurrency market is progressing towards its most bullish phase for Bitcoin and the rest of the market. Positive macro indicators and increasing money supply could make the situation even more intriguing, as Fed officials may implement another interest rate cut that could enable Bitcoin to reach $70,000.
As global M2 money supply continues to rise, Bitcoin investors express expectations for a rally to at least $90,000 by year-end. Metaplanet and other firms aim to increase their Bitcoin holdings before a bull market begins.
