Metaplanet Inc., a Tokyo Stock Exchange-listed business with diverse operations, announced its decision to include Bitcoin as a significant part of its treasury reserves. The company initially invested JPY 1 billion (approximately $6.56 million) in this digital currency. By doing so, Metaplanet aims to follow MicroStrategy’s lead and potentially become the first Asian corporation with substantial Bitcoin holdings.
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Metaplanet shared details on X (previously Twitter) about their decision, stressing it as a fusion of finance and innovation. This project is endorsed by a prominent group, consisting of Sora Ventures, UTXO Management, and key figures like Mark Yusko (founder, CEO, and CIO of Morgan Creek Capital) and Jack Liu (Ordswap founding member). Their involvement suggests substantial support from the venture capital and cryptocurrency industries.
Today, we’re excited to share some exciting news about our financial strategy: Metaplanet is now adopting Bitcoin as our primary treasury asset, with an initial investment of JPY 1 billion. This shift marks a significant step forward in our goal to be a leader in the digital finance era. By embracing Bitcoin, we’re proudly paving the way for other Japanese companies to follow suit in the adoption of digital assets. Keep an eye out for more updates!
Today, we’re excited to reveal a significant change in our financial approach: Starting now, Bitcoin will serve as the primary treasury asset for our Company, with an inaugural investment of JPY 1 billion. This shift signifies more than just adopting digital currency; it’s also about…
— Metaplanet Inc. (@Metaplanet_JP) April 8, 2024
Simon Gerovich, Metaplanet Inc’s CEO, expressed his excitement via X: “I’m delighted to be at the helm of Metaplanet as we make a daring move into the future, investing an initial 1 billion JPY in Bitcoin as our main treasury asset. Our partners and investors have been instrumental in making this pioneering decision possible. I’m proud of our innovative spirit and can’t wait to see what the future holds.”
Jason Fang from Sora Ventures pointed out the benefits for Japanese investors in this development. His position on Metaplanet’s board indicates a closer partnership to provide Bitcoin exposure for Tokyo Stock Exchange members, bypassing potential regulatory risks. Fang stated:
Thrilled to share the news: Sora Ventures is collaborating with Metaplanet! This partnership will offer Japanese residents a chance to invest in bitcoin without incurring unrealized tax gains, which could reach up to 55%. Additionally, it provides an opportunity for those with Tokyo Stock Exchange accounts to explore the world of bitcoin without encountering any regulatory risks.
Metaplanet operates in various industries including hotel development, Web3 consulting, and real estate investments, making it a versatile company with a global reach. Although its market capitalization is only 4.27 billion JPY ($28 million), which is much less than MicroStrategy’s, the announcement of something caused Metaplanet’s stock to skyrocket by 90%.
The community’s feedback was largely favorable. Dylan LeClair, a Bitcoin supporter, praised the move, saying “a Japanese company adopting Bitcoin as a corporate standard.” Joe Burnett from Unchained added his congratulations and suggested “feel free to reach out to me if you want to ensure that your corporation’s Bitcoin treasury has no single point of failure.”
At press time, BTC traded at $71,081.
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2024-04-09 10:11