Metaplanet, long-time Japanese hotel and service provider x.com/Metaplanet_JP/status/1800318098261860606″>announced in x bought another 250 million yen ($1.8 million) worth of bitcoin. This latest purchase comes as Metaplanet mimics MicroStrategy's high-profile corporate bitcoin accumulation strategy.
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ONLY IN: Japanese public company Metaplanet buys additional 23.35 twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin valued at 1.6 million dollars pic.twitter.com/TdUcX2TQjG
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1800318970676891696?ref_src=twsrc%5Etfw”>June 11, 2024
As of June 11, Metaplanet holds approximately 141 bitcoin purchased for ¥1.45 billion at an average price per bitcoin of ¥10,278,391 ($65,000). The company adopted bitcoin as its treasury reserve asset in April 2024 with an initial purchase of 1 billion yen. Since then he has made several purchases.
Metaplanet shares rose 10% following its latest $1 million bitcoin purchase, the third such purchase in just 7 weeks. The company's share price has nearly quintupled since it first announced its bitcoin strategy in April, validating its bitcoin pivot.
By accumulating bitcoin, Metaplanet aims to hedge against Japan's enormous national debt burden and the rapid devaluation of the yen. The company closely follows MicroStrategy's influential bitcoin corporate treasury playbook.
For Japanese investors, owning Metaplanet shares provides exposure to the benefits of bitcoin without incurring the Japanese tax on unrealized gains from cryptocurrencies, which can exceed 50%. Metaplanet also allows access to bitcoin without regulatory obstacles by listing on the Tokyo Stock Exchange.
The adoption of bitcoin by Asia-based public companies like Metaplanet further legitimizes bitcoin as a strong treasury reserve asset. Companies on every continent are starting to realize the promise of bitcoin as an inflation hedge and store of value asset on their balance sheets.
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