Longstanding Japanese resort and providers supplier Metaplanet introduced on X it bought one other ¥250 million ($1.8 million) value of Bitcoin. This newest purchase comes as Metaplanet mimics MicroStrategy’s high-profile company bitcoin accumulation technique.
JUST IN: 🇯🇵 Japanese public firm Metaplanet purchases extra 23.35 #Bitcoin value $1.6 million 🚀 pic.twitter.com/TdUcX2TQjG
— Bitcoin Journal (@BitcoinMagazine) June 11, 2024
As of June 11, Metaplanet holds roughly 141 Bitcoin acquired for ¥1.45 billion at a median per-bitcoin worth of ¥10,278,391 ($65,000). The agency adopted Bitcoin as its treasury reserve asset in April 2024 with an preliminary ¥1 billion buy. It has made a number of buys since.
Metaplanet’s inventory rose 10% following its newest million-dollar Bitcoin acquisition, the third such buy in simply 7 weeks. The corporate’s share worth has elevated almost fivefold since first asserting its Bitcoin technique in April, validating its Bitcoin pivot.
By accumulating Bitcoin, Metaplanet goals to hedge towards Japan’s huge nationwide debt burden and quickly devaluing yen foreign money. The agency is intently following MicroStrategy’s influential Bitcoin company treasury playbook.
For Japanese traders, proudly owning Metaplanet shares supplies publicity to Bitcoin’s upside with out incurring Japan’s tax on crypto unrealized positive aspects, which might exceed 50%. Metaplanet additionally permits entry to Bitcoin with out regulatory hurdles by buying and selling on the Tokyo Inventory Alternate.
The embrace of Bitcoin by public Asia-based corporations like Metaplanet additional legitimizes Bitcoin as a stable treasury reserve asset. Companies throughout continents at the moment are awakening to Bitcoin’s promise as an inflation hedge and retailer of worth asset of their steadiness sheet.