Metaplanet, a Japanese company with shares traded publicly, revealed it purchased approximately $6.5 million in Bitcoin (BTC) as part of its core financial reserves, mimicking the strategy set by MicroStrategy based in the United States.
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View Urgent ForecastMetaplanet is an investment company specializing in businesses linked to Web3 and the metaverse. They have chosen to hold Bitcoin as part of their reserves, a choice endorsed by Sora Ventures, UTXO Management, and notable figures including Mark Yusko, Morgan Creek Capital’s founder, and Jack Liu, an Ordswap co-founder.
Jason Fang, the founder of Sora Ventures, referred to Metaplanet as “Asia’s initial MicroStrategy.” He further explained that Metaplanet’s decision to incorporate Bitcoin (BTC) would provide Japanese investors with an opportunity to invest in Bitcoin without facing regulatory risks.
Metaplanet’s stock price surged 89% following the news of their Bitcoin adoption, fueling significant market growth for the company.
Metaplanet referred to the X announcement as a noteworthy achievement, believing it would establish the company as a trailblazer in incorporating digital assets within the Japanese market.
MicroStrategy, headed by Michael Saylor from the esteemed Fortune 500 companies, pioneered the use of Bitcoin as a financial reserve asset.
A publicly traded American company began purchasing Bitcoin in August 2020 when its value was around $10,000. Over the past four years, this Nasdaq-listed business has acquired approximately 214,246 Bitcoins, spending an average of $33,706 per Bitcoin and a total of $6.91 billion on these purchases.
With a current market value exceeding $15 billion for its Bitcoin holdings, MicroStrategy has realized profits that surpass the initial investment by more than 100%.
During the deepest downturn in the Bitcoin market in 2022, when the company’s Bitcoins were showing a loss on their balance sheet, Saylor chose not to sell. Instead, he took a bold step and bought even more.
Saylor acquired Bitcoin as a protective investment for Tesory’s reserves and inspired other corporations to follow suit. He boasted about persuading Elon Musk, Tesla’s CEO, to buy approximately $1.5 billion worth of Bitcoin back in January 2021.
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2024-04-09 12:55