'Asia's MicroStrategy' Metaplanet Buys ¥1 Billion Worth Bitcoin as Pledged
Metaplanet, a publicly-listed Japanese company providing hotel-related and other services, has announced the purchase of ¥1 billion (approximately $6.25 million) worth of Bitcoin.
NEW: Japanese Public Company Metaplanet just bought $6.25 million worth of #Bitcoin
Bitcoin Magazine (@BitcoinMagazine) April 26, 2024
Game theory has started playing out pic.twitter.com/EJ19mcO9QF
The company, which is listed on the Tokyo Stock Exchange, declared its intention to adopt Bitcoin as a treasury reserve asset earlier this month on X. Metaplanet stated its plan to buy ¥1 billion in Bitcoin as an initial commitment.
The company's recent announcement on X revealed that they have fulfilled their commitment, purchasing ¥1 billion worth of Bitcoin.
This move closely mimics the strategy employed by MicroStrategy, a U.S.-based company that has been accumulating Bitcoin since 2020. MicroStrategy's Bitcoin purchases have led to a dramatic increase in its share price.
Following the announcement earlier this month, Metaplanet's stock price also saw a significant increase, indicating investor confidence in the company's decision to invest in Bitcoin.
Jason, from Sora Ventures, referred to Metaplanet as "Asia's first MicroStrategy," highlighting the potential impact of this move on the Asian market.
Metaplanet's Bitcoin investment offers Japanese investors a unique opportunity to gain exposure to Bitcoin without incurring an unrealized gains tax, which can be as high as 55%.
Additionally, anyone with an account on the Tokyo Stock Exchange can now indirectly invest in Bitcoin through Metaplanet without facing the regulatory risks associated with direct purchases.
This development is seen as a positive step for Bitcoin and its market in Asia, as it demonstrates growing acceptance and adoption by traditional financial institutions and publicly listed companies.
Read more: https://bitcoinmagazine.com/business/asias-microstrategy-metaplanet-buys-1-billion-bitcoin-yen
Text source: Bitcoin Magazine: Bitcoin News, Articles, Charts,
