Sora Ventures, Metaplanet bet $6.5 million on Bitcoin to create Asias first MicroStrategy
Metaplanet, a Tokyo Stock Exchange-listed company, announced on April 8 that it has embraced Bitcoin as a core treasury asset.
In an April 8 statement on social media platform X (formerly Twitter), Metaplanet said it was allocating ¥1 billion, approximately $6.56 million, to the flagship digital asset as part of its groundbreaking shift in its financial strategy.
The firm stated:
This strategic pivot is not just about embracing digital assets but also about pioneering a future where finance meets innovation at its coreOur transition to Bitcoin is a significant milestone in our mission to lead in the digital finance era and positions Metaplanet as a pioneer in the adoption of digital assets in Japan.
It added that it achieved this milestone through partnerships with venture capital firm Sora Ventures, Mark Yusko, the CEO of Morgan Creek Capital, Jack Liu, and others.
According to Google Finances data, the companys stock is trading at 19 JPY on the stock exchange and has fallen 5% over the past five days.
Meanwhile, this is not the first time an under-the-radar company has announced intentions to venture into Bitcoin.
Last month, Nilam Resources, a microcap company, disclosed plans to acquire 24,000 BTC. However, the move has generated many concerns, with the companys former CEO, Ron McIntyre, reportedly labeling it a classic pump and dump.
Asias first MicroStrategy
Jason Fang, the founder of Sora Ventures, described Metaplanets move as Asias first MicroStrategy. Fang said:
The product will enable Japanese to gain exposure to bitcoin without paying an unrealized gains tax that could go as high as 55%. It will also enable anyone with an account to Tokyo Stock Exchange to gain exposure to bitcoin without any regulatory risks.
Fang will join the companys new board.
MicroStrategy is the worlds largest public holder of Bitcoin, and the companys BTC bet has been very successful. According to Saylortracker data, the business intelligence platform currently holds over 214,000 BTC worth approximately $15.3 billion.
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Text source: CryptoSlate
