Japanese firm Metaplanet announced it is purchasing 1 billion yen (about $6.5 million) worth of Bitcoin as part of its corporate treasury strategy, a move that mimics MicroStrategy’s high-profile Bitcoin accumulation.
Metaplanet, a publicly traded company listed on the Tokyo Stock Exchange, a diversified enterprise, revealed the Bitcoin buying initiative on X. The company cited hedging risks from currency devaluation and inflation as motivations.
The announcement said the purchase is an “initial commitment” and part of a broader embrace of Bitcoin’s potential. Partners like legendary hedge fund manager Mark Yusko, UTXO Management, and Sora Ventures support it.
By adopting a Bitcoin treasury reserve similar to MicroStrategy, Metaplanet aims to benefit from Bitcoin’s upside while mitigating risks. MicroStrategy has pioneered the corporate Bitcoin treasury strategy, buying over $6 billion worth of BTC since 2020.
Metaplanet’s stock price spiked 89.47% on Tuesday following the Bitcoin announcement.
JUST IN: 🇯🇵 Japanese Public Company Metaplanet stock is up almost 90% after they announced the $BTC Strategy.
The #Bitcoin Effect 🙌 pic.twitter.com/ixbmo2ZlPJ
— Bitcoin Magazine (@BitcoinMagazine) April 9, 2024
Jason Fang of Sora Ventures called Metaplanet “Asia’s first MicroStrategy” for replicating its Bitcoin focus.
The move also provides Japanese investors indirect Bitcoin exposure without high unrealized gains taxes, which can reach 55% in Japan. Metaplanet’s Bitcoin funds will be held in a tax-advantaged structure only accessible by the company.
By buying Bitcoin, Metaplanet joins the growing list of public companies utilizing Bitcoin to maximize shareholder value. With MicroStrategy proving the model’s effectiveness, more institutional adoption is likely.
For Metaplanet, Bitcoin offers opportunities beyond investment gains like accelerating its Bitcoin initiatives.
The announcement is a bullish sign for Bitcoin’s traction in Asia. Metaplanet is giving investors a regulated path to gain BTC exposure. If successful, expect more public companies in the region to follow its template.
Read More[#item_full_content]Bitcoin Magazine – Bitcoin News, Articles and Expert Insights
Michael Saylor says the US should and will build a reserve of bitcoin and explains…
Ever since its 2009 development by the mysterious Satoshi Nakamoto, Bitcoin has become foundational to…
With the price surging above $90,000, you’re likely all too aware that everything that isn’t…
While the last year or two have seen a number of proposals for covenant-proposing extensions…
Picture this, dear reader: It’s 2016, and for the princely sum of $288,400, you could…
Follow Nikolaus On X Here Today, Fox Business’s Eleanor Terrett revealed that the Pennsylvania House…