Metaplanet is a Japanese company that has been providing hotel services for many years. announced on X it purchased another ¥250 million ($1.8 million) worth of Bitcoin. Metaplanet’s latest purchase is a copy of MicroStrategy’s highly-publicized corporate bitcoin accumulation strategies.
JUST IN: 🇯🇵 Japanese public company Metaplanet purchases additional 23.35 #Bitcoin Valued at $1.6 million🚀 pic.twitter.com/TdUcX2TQjG
— Bitcoin Magazine (@BitcoinMagazine) June 11, 2024
As of June 11, Metaplanet holds approximately 141 Bitcoin acquired for ¥1.45 billion at an average per-bitcoin price of ¥10,278,391 ($65,000). In April 2024, the firm chose Bitcoin to be its reserve asset. an initial ¥1 billion purchase. Since then, it has bought several companies.
Metaplanet shares rose 10% in response to its most recent million-dollar Bitcoin purchase, the third one made within seven weeks. Shares of the company have increased by nearly five times since April, when it first announced its Bitcoin-focused strategy.
Metaplanet is accumulating Bitcoin to protect itself against Japan’s huge national debt and the rapidly declining yen. The firm closely follows MicroStrategy’s The Bitcoin Treasury playbook for corporates.
Metaplanet’s shares provide exposure to Bitcoin’s growth without incurring tax. Japan’s The tax rate on crypto-unrealized gains is as high at 50%. Metaplanet offers access to Bitcoin, without the regulatory burdens of trading on Tokyo Stock Exchange.
Bitcoin is further legitimized as an asset of treasury reserves by the embrace of Bitcoin among public Asia companies such Metaplanet. Bitcoin has become a popular asset for firms across all continents as it offers a way to hedge against inflation and act as a value store.
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Source: bitcoinmagazine.com
