Metaplanet, a leading Japanese company in the field of hotels and services It was announced in X It bought another 250 million yen ($1.8 million) worth of Bitcoin. This latest purchase comes as Metaplanet emulates MicroStrategy's high-profile Bitcoin accumulation strategy.
JUST IN: 🇯🇵 Japanese public company Metaplanet buys an additional $23.35 #Bitcoin Worth $1.6 million 🚀 pic.twitter.com/TdUcX2TQjG
— Bitcoin Magazine (@BitcoinMagazine) June 11, 2024
As of June 11, Metaplanet has approximately 141 bitcoins purchased 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. She has made several purchases since then.
Metaplanet stock rose 10% following its recent $1 million Bitcoin acquisition, the third such purchase in just 7 weeks. The company's stock price has risen nearly five-fold since first announcing its Bitcoin strategy in April, validating its Bitcoin pivot.
By accumulating Bitcoin, Metaplanet aims to hedge against Japan's massive national debt burden and the rapid devaluation of the yen. The company is closely following MicroStrategy's influential Bitcoin treasury playbook.
For Japanese investors, owning Metaplanet shares provides exposure to the rise in bitcoin without incurring Japan's tax on unrealized cryptocurrency gains, which can exceed 50%. Metaplanet also provides access to Bitcoin without regulatory barriers through trading on the Tokyo Stock Exchange.
The embrace of Bitcoin by Asia-based public companies like Metaplanet legitimizes Bitcoin as a powerful treasury reserve asset. Corporations across continents are now waking up to Bitcoin's promise as an inflation hedge and a store of assets of value on their balance sheets.