'Asia's MicroStrategy' Metaplanet Buys Another ¥250 Million Worth of Bitcoin
Longstanding Japanese hotel and services provider Metaplanet announced on X it purchased another ¥250 million ($1.8 million) worth of Bitcoin. This latest buy comes as Metaplanet mimics MicroStrategy's high-profile corporate bitcoin accumulation strategy.
JUST IN: Japanese public company Metaplanet purchases additional 23.35 #Bitcoin worth $1.6 million pic.twitter.com/TdUcX2TQjG
Bitcoin Magazine (@BitcoinMagazine) June 11, 2024
As of June 11, Metaplanet holds approximately 141 Bitcoin acquired for ¥1.45 billion at an average per-bitcoin price of ¥10,278,391 ($65,000). The firm adopted Bitcoin as its treasury reserve asset in April 2024 with an initial ¥1 billion purchase. It has made several buys since.
Metaplanet's stock rose 10% following its latest million-dollar Bitcoin acquisition, the third such purchase in just 7 weeks. The company's share price has increased nearly fivefold since first announcing its Bitcoin strategy in April, validating its Bitcoin pivot.
By accumulating Bitcoin, Metaplanet aims to hedge against Japan's massive national debt burden and rapidly devaluing yen currency. The firm is closely following MicroStrategy's influential Bitcoin corporate treasury playbook.
For Japanese investors, owning Metaplanet shares provides exposure to Bitcoin's upside without incurring Japan's tax on crypto unrealized gains, which can exceed 50%. Metaplanet also enables access to Bitcoin without regulatory hurdles by trading on the Tokyo Stock Exchange.
The embrace of Bitcoin by public Asia-based companies like Metaplanet further legitimizes Bitcoin as a solid treasury reserve asset. Firms across continents are now awakening to Bitcoin's promise as an inflation hedge and store of value asset in their balance sheet.
Text source: Bitcoin Magazine: Bitcoin News, Articles, Charts,
