Metaplanet, a long-standing Japanese hospitality and service provider announced on he bought another 250 million yen ($1.8 million) worth of Bitcoin. This latest purchase comes as Metaplanet mimics MicroStrategy's high-profile enterprise bitcoin accumulation strategy.
JUST IN: 🇯🇵 Japanese public company Metaplanet buys additional 23.35 #Bitcoin worth $1.6 million 🚀 pic.twitter.com/TdUcX2TQjG
– Bitcoin Magazine (@BitcoinMagazine) June 11, 2024
As of June 11, Metaplanet held approximately 141 Bitcoins acquired for 1.45 billion yen at an average price per bitcoin of 10,278,391 yen ($65,000). The company adopted Bitcoin as a treasury reserve asset in April 2024 with an initial purchase of 1 billion yen. Since then, he has made several purchases.
Metaplanet stock rose 10% following its latest $1 million Bitcoin acquisition, the third such purchase in just 7 weeks. The company's stock price has increased almost fivefold since it first announced its Bitcoin strategy in April, validating its Bitcoin pivot.
By accumulating Bitcoin, Metaplanet aims to protect itself against Japan's massive national debt burden and the rapid devaluation of the yen. The firm is closely monitoring MicroStrategy An influential Bitcoin business treasury manual.
For Japanese investors, holding Metaplanet shares provides exposure to Bitcoin's upside without incurring from Japan crypto unrealized capital gains tax, which can exceed 50%. Metaplanet also provides access to Bitcoin without regulatory hurdles by trading on the Tokyo Stock Exchange.
Bitcoin adoption by Asia-based public companies like Metaplanet further legitimizes Bitcoin as a strong treasury reserve asset. Businesses across continents are now waking up to the promise of Bitcoin as a hedge against inflation and a store of value on their balance sheets.