Metaplanet, a long-established Japanese hotel and service provider Published in X The company has now purchased an additional 250 million yen ($1.8 million) worth of Bitcoin. This latest purchase comes as Metaplanet replicates MicroStrategy’s high-profile corporate Bitcoin accumulation strategy.
Latest Updates: 🇯🇵 Japanese public company Metaplanet buys additional 23.35 shares #Bitcoin Worth $1.6 million 🚀 pic.twitter.com/TdUcX2TQjG
— Bitcoin Magazine (@BitcoinMagazine) June 11, 2024
As of June 11, Metaplanet holds 141 Bitcoin, with the average price per Bitcoin being 10,278,391 yen ($65,000), and acquired them for 1.45 billion yen. The company plans to adopt Bitcoin as a treasury reserve asset in April 2024, Initial purchase of 1 billion yenSince then, the company has made several acquisitions.
Metaplanet shares rose 10% following its latest Bitcoin acquisition of $1 million (its third acquisition in just seven weeks). The company’s shares have risen nearly five-fold since it first announced its Bitcoin strategy in April, proving its conversion to Bitcoin to be the right choice.
Metaplanet aims to hedge against Japan’s huge national debt burden and the rapidly falling yen currency by accumulating bitcoin. MicroStrategy The impactful Bitcoin corporate finance playbook.
For Japanese investors, holding Metaplanet shares gives them exposure to Bitcoin’s rise without taking on any risk. Japanese Taxes on unrealized gains in cryptocurrencies can exceed 50%. Metaplanet also makes Bitcoin accessible without regulatory hurdles by trading it on the Tokyo Stock Exchange.
The adoption of Bitcoin by Asia-based public companies like Metaplanet further legitimizes it as a solid treasury reserve asset, as companies across the continent are realizing its potential as an inflation hedge and store of value asset on their balance sheets.
