Longstanding Japanese lodge and providers supplier Metaplanet announced 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 mean per-bitcoin worth of ¥10,278,391 ($65,000). The agency adopted Bitcoin as its treasury reserve asset in April 2024 with an initial ¥1 billion purchase. 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 practically fivefold since first asserting its Bitcoin technique in April, validating its Bitcoin pivot.
By accumulating Bitcoin, Metaplanet goals to hedge in opposition to Japan’s large nationwide debt burden and quickly devaluing yen forex. 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 may exceed 50%. Metaplanet additionally allows entry to Bitcoin with out regulatory hurdles by buying and selling on the Tokyo Inventory Change.
The embrace of Bitcoin by public Asia-based corporations like Metaplanet additional legitimizes Bitcoin as a strong treasury reserve asset. Corporations throughout continents are actually awakening to Bitcoin’s promise as an inflation hedge and retailer of worth asset of their steadiness sheet.