‘Asia’s MicroStrategy’ Metaplanet buys 1 billion yen worth of Bitcoin as promised

Metaplanet, a Japanese-listed company that provides hotel-related and other services, announced the purchase of 1 billion yen (about $6.25 million) worth of Bitcoin.

NEW: 🇯🇵 Japanese listed company Metaplanet just bought $6.25 million worth of stock. #Bitcoin

Game theory in action 🚀 pic.twitter.com/EJ19mcO9QF

— Bitcoin Magazine (@BitcoinMagazine) April 26, 2024

The company, which is listed on the Tokyo Stock Exchange, announced its intention to adopt Bitcoin as a treasury reserve asset at X earlier this month. Metaplanet announced plans to purchase 1 billion yen of Bitcoin as an initial commitment.

The company recently announced X, saying it had fulfilled its promise to purchase 1 billion yen worth of Bitcoin.

This move is very similar to the strategy adopted by MicroStrategy, a US-based company that has been accumulating Bitcoin since 2020. MicroStrategy’s Bitcoin purchases have sent its stock price up dramatically.

Since the announcement earlier this month, Metaplanet’s stock price has also risen significantly, indicating investor confidence in the company’s decision to invest in Bitcoin.

Sora Ventures’ Jason called Metaplanet “Asia’s first MicroStrategy” and highlighted the potential impact this move would have on the Asian market.

Metaplanet’s Bitcoin investment offers Japanese investors a unique opportunity to gain exposure to Bitcoin without incurring unrealized gains taxes of up to 55%.

Additionally, anyone with an account at the Tokyo Stock Exchange can now invest indirectly in Bitcoin through Metaplanet without facing the regulatory risks associated with direct purchases.

This development is seen as a positive step for Bitcoin and Asian markets as it shows growing acceptance and adoption by traditional financial institutions and listed companies.