Metaplanet, a long-established Japanese restaurant and repair supplier, introduced on X that it bought a further 250 million yen ($1.8 million) value of Bitcoin. This newest acquisition comes as Metaplanet mimics MicroStrategy’s high-profile enterprise Bitcoin accumulation technique.
Simply now: 🇯🇵 Japanese listed firm Metaplanet bought a further 23.35 #bitcoin Price $1.6 million 🚀 pic.twitter.com/TdUcX2TQjG
— Bitcoin Journal (@BitcoinMagazine) June 11, 2024
As of June 11, Metaplanet held roughly 141 Bitcoins with a worth of 1.45 billion yen, and the common worth per Bitcoin was 10,278,391 yen ($65,000). The corporate adopted Bitcoin as its treasury reserve asset in April 2024, initially buying 1 billion yen. It has since made a number of acquisitions.
Metaplanet just lately made a multi-million greenback Bitcoin acquisition, its third such acquisition in simply seven weeks, sending its shares up 10%. Since first saying its Bitcoin technique in April, the corporate’s shares have risen almost fivefold, validating its Bitcoin pivot.
Metaplanet goals to hedge Japan’s enormous nationwide debt burden and the fast depreciation of the yen by accumulating Bitcoin. The corporate is paying shut consideration to MicroStrategy’s influential Bitcoin company finance technique.
For Japanese buyers, holding Metaplanet inventory can benefit from the upside of Bitcoin with out paying Japan’s tax on unrealized positive factors on cryptocurrencies (which might exceed 50%). Metaplanet additionally permits deposits and withdrawals of Bitcoin with out regulatory hurdles by buying and selling on the Tokyo Inventory Change.
The acceptance of Bitcoin by listed Asian firms akin to Metaplanet additional legitimizes Bitcoin as a dependable treasury reserve asset. Firms on each continent are actually waking as much as Bitcoin’s promise as an inflation hedge and retailer of worth of their steadiness sheets.
