Metaplanet is a Japanese company that has been providing hotel services for many years. announced on X it purchased another ¥250 million ($1.8 million) worth of Bitcoin. Metaplanet’s latest purchase is a copy of MicroStrategy’s highly-publicized corporate bitcoin accumulation strategies.
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). Bitcoin was adopted by the company as its treasury reserves asset in April of 2024. an initial ¥1 billion purchase. The company has since made several purchases.
Metaplanet stock rose by 10% after its third Bitcoin purchase of a million dollars, which was made in only 7 weeks. Shares of the company have increased by nearly five times since April, when it first announced its Bitcoin-focused strategy.
Metaplanet is accumulating Bitcoin to protect itself against Japan’s huge national debt and the rapidly declining yen. The firm closely follows MicroStrategy’s The Bitcoin Treasury playbook for corporates.
Metaplanet’s shares provide exposure to Bitcoin’s growth without incurring any fees for Japanese investors. Japan’s Tax on unrealized crypto gains can be as high as 50%. Metaplanet offers access to Bitcoins on the Tokyo Stock Exchange without any restrictions.
Bitcoin’s adoption by Asia-based public companies, such as Metaplanet, further validates its status as a stable treasury asset. Bitcoin is gaining popularity across the globe as a store of value and inflation hedge.
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Source: bitcoinmagazine.com