The post ‘Asia’s MicroStrategy’ Metaplanet buys ¥300 million worth of Bitcoin, now holds nearly 400 BTC appeared on BitcoinEthereumNews.com.

Key Takeaways Metaplanet has increased its Bitcoin holdings to nearly 400 BTC with a new ¥300 million investment. The company aims to capitalize on favorable tax treatment available through their partnership with SBI Group’s crypto arm, SBI VC Trade. Metaplanet, a Japanese publicly traded company often referred to as “Asia’s MicroStrategy,” has purchased an additional ¥300 million worth of Bitcoin, said the company in a Tuesday announcement. The new acquisition increases its total holdings to approximately 400 BTC, valued at around $22.5 million. *Metaplanet purchases additional 38.46 $BTC* pic.twitter.com/vdnRt8O07c — Metaplanet Inc. (@Metaplanet_JP) September 10, 2024 The announcement comes shortly after Metaplanet said Monday its management team would exercise the 11th series of stock acquisition rights to allow executives to purchase shares of the company’s stock at a predetermined price. The funds raised from this exercise, totaling approximately ¥300 million, would be used to invest in Bitcoin, the company previously stated. The management team believes that Bitcoin will continue to be a valuable asset. *Exercise of the 11th Series of Stock Acquisition Rights by Metaplanet Management* pic.twitter.com/V7qzoHWrSM — Metaplanet Inc. (@Metaplanet_JP) September 9, 2024 Despite the downturn in the Bitcoin market, Metaplanet continues to use Bitcoin as a treasury reserve asset, aiming to provide domestic investors with exposure to Bitcoin and capitalize on favorable tax treatment. Earlier this month, Metaplanet inked a partnership with SBI Group’s crypto investment arm, SBI VC Trade, to enhance its Bitcoin trading and custody services. The collaboration focuses on access to compliant corporate custody services, tax efficiency, and the use of Bitcoin as collateral for financing. SBI will assist Metaplanet with trading, storage, and operational support, focusing on Bitcoin’s unique value as a non-political financial asset. “Asian MicroStrategy” also benefits from SBI’s tax exemption service, which supports long-term corporate crypto holdings. Metaplanet has generated headlines…

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Filed under: News - @ September 10, 2024 5:23 am