Japanese publicly traded company Metaplanet said it had acquired 1 billion yen ($6.5 million) worth of Bitcoin as a fundamental treasury asset.
Investment firm Metaplanet focuses on companies in the Web3 and metaverse industries. Sora Ventures, UTXO Management, and prominent figures like Jack Liu, an Ordiswap founding member, and Mark Yusko, the founder of Morgan Creek Capital, supported using Bitcoin as a treasury asset.
Sora Ventures founder Jason Fang called Metaplanet “Asia’s first MicroStrategy.” By adopting Bitcoin, he continued, the company would allow Japanese investors to invest in Bitcoin without running the danger of governmental action.
With the stock price rising 89% after the announcement, Metaplanet has already experienced significant market momentum thanks to the adoption of BTC.
Metaplanet described the move as an important milestone in its official X statement, predicting that it will help position the company as a pioneer in using digital assets in Japan.
Michael Saylor of the Fortune 500 business MicroStrategy promoted using Bitcoin as a treasury asset.
The publicly traded company in the US began purchasing Bitcoin in August 2020, when its price was about $10,000. The Nasdaq-listed company has acquired approximately 214,246 BTC throughout the following four years, with an average purchase price of $33,706.00 per BTC, for $6.91 billion.
With over $15 billion in market value, MicroStrategy has made over 100% profit on its Bitcoin holdings.
Saylor persisted in purchasing more Bitcoin even when the company’s stake was losing money during the height of the bear market in 2022.
Saylor encouraged the adoption of Bitcoin by other publicly traded firms by purchasing it as a treasury-hedging tool. Saylor asserted that he had persuaded Tesla’s CEO Elon Musk to buy $1.5 billion bitcoin in January 2021.
