Metaplanet, a publicly traded Japanese company providing hotel and other services, announced the purchase of 1 billion yen (about $6.25 million) worth of Bitcoin.
NEW: 🇯🇵 Japanese public company Metaplanet has just purchased $6.25 million worth of #Bitcoin
Game theory has started to play out 🚀 pic.twitter.com/EJ19mcO9QF
– Bitcoin Magazine (@BitcoinMagazine) April 26, 2024
The company, listed on the Tokyo Stock Exchange, declared its intention to adopt Bitcoin as a Treasury reserve asset earlier this month. X. Metaplanet has stated its intention to purchase 1 billion yen in Bitcoin as an initial commitment.
The company's recent announcement on X revealed that they had fulfilled their commitment by purchasing 1 billion yen worth of Bitcoin.
The move closely mimics the strategy employed by MicroStrategy, a US-based company that has been accumulating Bitcoin since 2020. MicroStrategy's Bitcoin purchases led to a dramatic increase in its stock price.
Following the announcement earlier this month, Metaplanet's share price also saw a rise. a significant increaseindicating investor confidence in the company's decision to invest in Bitcoin.
Sora Ventures' Jason called Metaplanet “Asia's first microstrategy,” highlighting the move's potential impact on the Asian market.
Metaplanet's Bitcoin investment offers Japanese investors a unique opportunity to gain exposure to Bitcoin without incurring taxes on unrealized gains, which can be as high as 55%.
Additionally, anyone with an account on the Tokyo Stock Exchange can now invest in Bitcoin indirectly through Metaplanet without facing the regulatory risks associated with direct purchases.
This development is considered a positive step for Bitcoin and its market in Asia, as it demonstrates growing acceptance and adoption by traditional financial institutions and publicly traded companies.