Asia-based Metaplanet announced that it has purchased 107 Bitcoins as the cryptocurrency market makes a hopeful start to the fourth quarter. The Japan-based company has been following MikroStrateji’s strategy in recent months and continues to add Bitcoin to its balance sheet.

Increase in Company’s Bitcoin Purchases

Metaplanet announced in its latest statement that it invested an additional 1 billion Japanese yen for new BTC purchases while the price of Bitcoin was down 1.32 percent at $63,657. With today’s purchase, the Japanese company increased its total Bitcoin holdings to over 500, bringing its total investment value to 4.75 billion Japanese yen. This latest purchase was the company’s first Bitcoin purchase since the Fed announced a rate cut in September.

Shares Soared

Immediately after the announcement, Metaplanet’s shares rose by 3.63 percent to 1,027. Although its shares have increased by 540 percent since the beginning of the year, they are still trading 66 percent below the 3,000 level when it first announced its Bitcoin purchases in May.

Bitcoin Market and Future Prospects

Bitcoin closed September up nearly 8%, one of the best Septembers in the past decade. However, the bulls failed to defend the critical resistance band at $65,000, and Bitcoin and altcoins fell sharply on Monday. “The sell-off was mainly driven by active spot selling on exchanges and the entry of new short positions, with BTC open interest increasing in the continuous futures market,” said Bohan Jiang, head of OTC options trading at Abra.

The cryptocurrency market is heading towards the most bullish period for Bitcoin and the rest of the market. Positive macro indicators and increasing money supply could make the situation even more interesting. Because Fed officials could make another interest rate cut that could allow Bitcoin to reach $70,000.

As the global M2 money supply continues to increase, Bitcoin investors are expecting a rally to at least $90,000 by the end of the year. Metaplanet and other companies aim to increase their Bitcoin holdings before the bull market begins.

  • Metaplanet bought 107 more Bitcoins.

  • After the Bitcoin purchase, the company's shares rose by 3.63 percent.

  • Cryptocurrency investors are now waiting for the Uptober rally.