Key Takeaways
- Metaplanet is purchasing $6.5 million in Bitcoin for its corporate treasury.
- The move is supported by partners like Mark Yusko and aims to hedge against inflation.
- Metaplanet's stock price soared by 89.47% following the Bitcoin purchase announcement.
Japanese public company Metaplanet has announced a purchase of 1 billion yen (approximately $6.5 million) worth of Bitcoin.
This move is part of its corporate treasury strategy, mirroring MicroStrategy’s approach to Bitcoin accumulation.
Motivations and support
The company, listed on the Tokyo Stock Exchange, aims to hedge against currency devaluation and inflation.
This “initial commitment” is supported by partners like hedge fund manager Mark Yusko and firms UTXO Management and Sora Ventures.
Impact and future plans
Following the announcement, Metaplanet’s stock price surged by 89.47%.
The company’s strategy provides Japanese investors with indirect Bitcoin exposure while avoiding high taxes on unrealized gains.
Metaplanet’s Bitcoin funds will be held in a tax-advantaged structure, unique to the company.
A bullish sign for Bitcoin in Asia
Jason Fang of Sora Ventures referred to Metaplanet as “Asia’s first MicroStrategy,” highlighting its focus on Bitcoin.
The move is seen as a positive indicator for Bitcoin’s acceptance in Asia and could lead to more public companies in the region adopting similar strategies.
