Metaplanet's strategic bet on Bitcoin

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In a bold move mirroring US titan MicroStrategy, Metaplanet, a publicly traded Japanese company specializing in Web3 and metaverse companies, has announced a major investment in bitcoin (btc). The company has acquired btc worth 1 billion yen (approximately $6.5 million), positioning it as a core asset in its treasury. This decision marks Metaplanet as a pioneer in the Japanese market, adopting digital assets to cover its treasury.

How Metaplanet jumped into bitcoin investment

The strategic choice to adopt btc has already borne fruit metaplanet, and its share price saw an impressive 89% increase following the announcement. The company's move has been supported by industry heavyweights such as Sora Ventures, UTXO Management, and notable figures such as Mark Yusko, founder of Morgan Creek Capital, and Jack Liu, founding member of Ordiswap.

Jason Fang, the founder of Sora Ventures, praised Metaplanet as “Asia’s first MicroStrategy,” highlighting the company’s potential to offer Japanese investors exposure to bitcoin without the burden of regulatory risk. Metaplanet's adoption of btc is considered a major milestone, and the company anticipates that it will strengthen its position as a leader in digital asset adoption in Japan.

The trend of using bitcoin as a treasury asset gained strength with Microstrategy, a Fortune 500 company led by Michael Saylor. The US-based company began its bitcoin journey in August 2020, purchasing btc when it was trading around $10,000. Over the next four years, MicroStrategy accumulated a staggering 214,246 btc, with an average purchase price of $33,706.00 per btc, equivalent to a total investment of $6.91 billion. The current market value of MicroStrategy's btc holdings is over $15 billion, yielding a gain of over 100%.

Today, we are delighted to announce a groundbreaking change to our financial strategy as we adopt bitcoin as the Company's primary treasury asset going forward by committing to an initial JPY 1 billion. This strategic shift is not just about embracing digital assets but also about… pic.twitter.com/OASxj9IBPG

– Metaplanet Inc. (@Metaplanet_JP) twitter.com/Metaplanet_JP/status/1777243921867014574?ref_src=twsrc%5Etfw”>April 8, 2024

Even during the 2022 bear market, when MicroStrategy's btc investments were underwater, Saylor stood his ground and chose to buy more rather than sell. His conviction that bitcoin is a treasury hedging asset has not only benefited his company, but has also inspired other publicly traded companies to follow his example. Notably, Saylor's influence extended to Tesla CEO Elon Musk, who, reportedly persuaded by Saylor, decided to invest $1.5 billion in btc in January 2021.

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