Metaplanet, a company that provides infrastructure for Web3 applications, experienced a significant increase of 90% in its Tokyo-traded stock within two days. This surge occurred soon after the firm revealed it had bought approximately $6.56 million worth of Bitcoin (BTC). Initially, Metaplanet stated that this purchase aimed to minimize its reliance on the Japanese yen and position itself as a pioneer in Japan’s digital asset adoption. However, recent events suggest that the consequences of this move extend beyond these initial objectives. Notably, Metaplanet acquired Bitcoin through an innovative method, with backing from Sora Ventures, Morgan Creek Capital’s Mark Yusko, and other investors.
The company introduced Bitcoin to its financial records, enabling Japanese investors to access cryptocurrency through a publicly listed entity rather than directly owning the asset. This arrangement potentially shields investors from significant taxation on crypto gains that have yet to be realized.
Metaplanet Shares Soar
More recently, Bloomberg announced that MicroStrategy recently purchased more Bitcoin, leading to a swift increase in its stock value. This tactic, which MicroStrategy initiated in 2020, seems to have been adopted by Metaplanet as well. Currently, Metaplanet Inc.’s stock price has surged by 89.47% within the last 24 hours and is now worth approximately 36 Japanese yen according to Tokyo Stock Exchange data.
Metaplanet’s decision to purchase Bitcoin now positions them among other publicly-traded companies adopting this digital currency to boost shareholder worth. MicroStrategy paved the way with their trailblazing approach and successful demonstration of this strategy. The trend towards greater institutional acceptance of Bitcoin is becoming increasingly apparent.
Bitcoins benefits for Metaplanet go beyond just financial returns, reaching far and wide within the larger crypto industry.
An announcement by Metaplanet signifies Bitcoin’s increasing importance in Asia. They provide a regulatory-approved route for investors to invest in Bitcoin. If things go smoothly, more Asian companies may choose to do the same.
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2024-04-09 16:00