2024-4-9 15:45 |
Shares of Japanese listed firm Metaplanet saw over 89% gains after the firm disclosed it accumulated JPY 1 billion ($6.5 million) worth of Bitcoin (BTC). The Web 3.0 and metaverse-focused entity said the investment was a strategic pivot in embracing digital assets and aligning with the future of finance. The company added:
Our transition to Bitcoin is a significant milestone in our mission to lead in the digital finance era and positions Metaplanet as a pioneer in the adoption of digital assets in Japan.
Metaplanet expects the BTC pivot to help increase exposure to Bitcoin by Japanese investors without regulatory risks. The BTC investment was backed by several entities, including Sora Ventures and UTXO Management. Morgan Creek Capital founder Mark Yusko and Ordiswap co-founder Jack Liu were also part of the team.
Asia’s first MicroStrategyThe investment in Bitcoin has been hailed as pivotal in increasing the uptake of Bitcoin in Japan. Sora Ventures founder Jason Fang labeled Metaplanet “Asia’s first MicroStrategy.” This comes even as the American Fortune 500 company founded by Michael Saylor continues to accumulate Bitcoin.
At today’s Bitcoin price, MicroStrategy’s Bitcoin holding is valued at upwards of $15 billion. The company began accumulating Bitcoin in August 2020 when the cryptocurrency was hovering around $10,000.
In March 2024, MicroStrategy said it had raised $782 million in debt to buy more Bitcoins. The company’s stock is also up 120% year-to-date, thanks to recoveries in the price of Bitcoin, which surpassed $70,000 recently.
With its stash of 214,246 BTCs, Microstrategy ranks as the leading company globally to adopt Bitcoin as its treasury reserve asset. The Bitcoins are acquired at an average purchase price of $33,700, meaning the company has turned more than 100% profit at the current BTC value.
The post Japan’s Metaplanet stock soars 89% after disclosing investment in Bitcoin appeared first on Invezz
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