Japanese Investment Firm Metaplanet Announces Purchase of Bitcoin Worth ¥1 Billion
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Metaplanet seems to follow MicroStrategy’s footsteps after deciding to make Bitcoin its saving choice. In a recent disclosure, Japanese company Metaplanet Inc. has announced its purchase of ¥1 billion ($6.25 million) worth of Bitcoin. This move comes as the company strategically diversifies its investment portfolio and enters the cryptocurrency space.
Today, we’re thrilled to announce a groundbreaking shift in our financial strategy, as we embrace Bitcoin as the core treasury asset of the Company going forward by committing an initial JPY 1 billion. This strategic pivot is not just about embracing digital assets but also about… pic.twitter.com/OASxj9IBPG
— Metaplanet Inc. (@Metaplanet_JP) April 8, 2024
Metaplanet Acquired $6.5 Mln Worth of Bitcoin
Metaplanet, a prominent investment and consulting firm listed on the Tokyo Stock Exchange, recently made waves in the financial world by announcing its acquisition of ¥1 billion ($6.5 million) worth of Bitcoin for its corporate treasury. Meanwhile, this substantial investment is equivalent to approximately 30% of the company’s current market cap.
The purchase, revealed in a “Progress of Disclosure” notice dated April 8, 2024, indicates that Metaplanet has acquired 97.8519 bitcoins at an average price of ¥10,219,524 per bitcoin. This substantial investment represents approximately 30% of the company’s current market capitalization.
Japanese public company Metaplanet has announced it purchased ¥1b ($6.25m) of $BTC, equivalent to ~30% of the company’s current market cap. #Bitcoin pic.twitter.com/BLYC1BC1q4
— Dylan LeClair (@DylanLeClair_) April 26, 2024
This strategic move signifies a significant shift in Metaplanet’s financial strategy, as the company embraces Bitcoin as its primary treasury asset.
According to company representatives, this decision reflects not only a commitment to cryptocurrency but also a vision of pioneering innovation in finance. Further, the team highlighted that the transition to Bitcoin represents a key milestone for Metaplanet, positioning the company as a leader in Japan’s digital finance landscape and a pioneer in crypto adoption.
Bitcoin As A Hedge
With Bitcoin’s reputation as a store of value and hedge against inflation, more companies are exploring avenues to incorporate cryptocurrencies into their financial strategies.
This move by Metaplanet also signals a vote of confidence in the long-term potential of Bitcoin and the broader cryptocurrency market. As digital assets continue to gain mainstream acceptance, such investments by established companies could further bolster confidence among investors and contribute to the maturation of the crypto industry.
As of now, Bitcoin (BTC) is trading at approximately $64,370.81, reflecting a modest increase of about 0.6% over the past 24 hours. The cryptocurrency’s market capitalization stands at $1.27 trillion.
Filed under: Bitcoin - @ April 26, 2024 9:03 am