Metaplanet, a publicly traded Japanese company that offers hotel-related and other services, has announced the purchase of 1 billion yen (approximately $6.25 million) worth of bitcoin.
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NEW: Japanese public company Metaplanet just bought $6.25 million in twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin
Game theory has begun to develop pic.twitter.com/EJ19mcO9QF
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1783782685330059307?ref_src=twsrc%5Etfw”>April 26, 2024
The company, which is listed on the Tokyo Stock Exchange, declared its intention to adopt bitcoin as a treasury reserve asset earlier this month. x.com/Metaplanet_JP/status/1777243921867014574″>x. Metaplanet declared its plan to purchase 1 billion yen worth of bitcoin as an initial commitment.
The company's recent announcement about x.com/Metaplanet_JP/status/1782988950816301393″>x revealed that they have fulfilled their commitment, purchasing bitcoin worth one billion yen.
This move closely mimics the strategy employed by MicroStrategy, a US-based company that has been accumulating bitcoin since 2020. MicroStrategy's bitcoin purchases have caused its stock price to skyrocket.
Following the announcement earlier this month, Metaplanet's share price also saw a x.com/BitcoinMagazine/status/1777617954458263943″>significant increaseindicating investor confidence in the company's decision to invest in bitcoin.
Sora Ventures' Jason referred to Metaplanet as “Asia's first MicroStrategy,” highlighting the potential impact of this move on the Asian market.
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Metaplanet's bitcoin investment offers Japanese investors a unique opportunity to gain exposure to bitcoin without incurring an unrealized gains tax, which can be as high as 55%.
Additionally, anyone with an account on the Tokyo Stock Exchange can now invest indirectly in bitcoin through Metaplanet without facing the regulatory risks associated with direct purchases.
This development is considered a positive step for bitcoin and its market in Asia as it demonstrates growing acceptance and adoption by traditional financial institutions and publicly traded companies.
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