Metaplanet’s Bitcoin Buying Spree Sparks Hopes for Q4 Rally

Metaplanet, Asia's equivalent of MicroStrategy, announced the acquisition of 107 Bitcoins as it kicks off Q4 with hopes for a Bitcoin rally.

The Japanese firm invested 1 billion Yen to boost its holdings to over 500 BTC, valued at approximately 4.75 billion Yen, marking its first purchase since the Fed’s rate cut in September.

Following the announcement, Metaplanet’s stock rose 3.63%, though it’s still 66% below its May peak.

While September saw Bitcoin gain nearly 8%, it struggled to maintain prices above $65,000, experiencing a sharp decline recently. Bohan Jiang from Abra noted that profit-taking and new short positions drove the selling.

As the crypto market looks to October, historical trends indicate potential for gains, particularly if the Fed implements another rate cut.

With the M2 money supply increasing, investors anticipate Bitcoin could reach $70,000, aiming for a year-end target of $90,000.