Japanese company Metaplanet announced that it is buying 1 billion yen (about $6.5 million) worth of Bitcoin as part of the company's 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, unveiled the initiative to buy Bitcoin on
The announcement said the purchase was an “initial commitment” and part of a broader embrace of Bitcoin’s potential. It is backed by partners such as legendary hedge fund manager Mark Yusko, UTXO Management, and Sora Ventures.
By adopting a Bitcoin treasury reserve similar to MicroStrategy, Metaplanet aims to capitalize on Bitcoin's upside while mitigating risks. MicroStrategy has pioneered the Bitcoin treasury strategy for businesses, having purchased over $6 billion in BTC since 2020.
Metaplanet's stock price rose 89.47% on Tuesday following the Bitcoin announcement.
JUST IN: 🇯🇵 Japanese public company Metaplanet's stock rose nearly 90% after announcing… $ Bitcoin strategy.
the #Bitcoin Effect 🙌 pic.twitter.com/ixbmo2ZlPJ
– Bitcoin Magazine (@BitcoinMagazine) April 9, 2024
Jason Fang of Sora Ventures called Metaplanet “Asia's first micro strategy” to replicate its focus on Bitcoin.
The move also provides Japanese investors with indirect exposure to Bitcoin without high taxes on unrealized gains, which can reach 55% in Japan. Metaplanet's Bitcoin funds will be held in a tax-privileged structure that can only be accessed by the company.
By purchasing Bitcoin, Metaplanet joins the growing list of public companies using Bitcoin to maximize shareholder value. As MicroStrategy proves the effectiveness of the model, more organizations are likely to adopt it.
For Metaplanet, Bitcoin offers opportunities beyond investment gains such as accelerating Bitcoin initiatives.
This announcement is a bullish signal for Bitcoin traction in Asia. Metaplanet gives investors a regulated path to gain exposure to BTC. If successful, expect more public companies in the region to follow suit.
