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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 in the crypto market as we begin the most bullish fourth quarter for Bitcoin and the overall crypto market. More importantly, this backed by positive macro indicators and rising money supply can make things a lot more interesting.
Fed officials are mulling another 50 bps interest rate cut that can send BTC rallying to $70,000. Market analysis reveals that October has historically been a positive month for the markets, with 80% of all Octobers showing gains. Additionally, in election years, October, November, and December have all posted gains 100% of the time. Thus, with strong indicators of the upside, Metaplanet, MicroStrategy, and others look to build up their stash before the bull run begins.
80% of Octobers were green
100% of election years had a green October, November and December
100% of the years with a green September had a green October, November and December
Q4 starts TOMORROW pic.twitter.com/TQeN6CyJ4R
— Quinten | 048.eth (@QuintenFrancois) September 30, 2024
As the global M2 money supply keeps increasing, Bitcoin investors are expecting a minimum rally to $90,000 levels before the year-end.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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