Metaplanet doubles down on Bitcoin amid Japan crypto boom Metaplanet doubles down on Bitcoin amid Japan crypto boom
Japanese firm Metaplanet sees 500% stock increase, fueled by Bitcoin investments.
2 min read
Updated: Sep. 10, 2024 at 9:59 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Metaplanet Inc. has acquired an additional 38.464 Bitcoin, valued at approximately ¥300 million ($2 million), according to a Sept. 10 statement.
This latest purchase brings Metaplanet’s total Bitcoin holdings to 398.832 BTC, worth about ¥3.75 billion ($26 million).
According to Yahoo Finance data, following the acquisition, Metaplanet’s stock rose 4.42% to ¥1,086. The stock is up more than 500% year-to-date.
Metaplanet’s Bitcoin strategy
Over the past months, Metaplanet has consistently increased its Bitcoin holdings as part of its strategy to utilize the flagship digital asset as a strategic treasury reserve.
This approach was a response to Japan’s economic difficulties, such as high government debt, negative interest rates, and the declining value of the yen.
On Sep. 9, the company announced plans to exercise stock acquisition rights to raise ¥299.7 million for further Bitcoin investments.
This comes after the company partnered with SBI VC Trade, a subsidiary of the SBI Group, to access corporate custody services. According to the company, SBI would provide it with corporate custody services that prioritize compliance and tax efficiency.
Japan’s blooming crypto landscape
Meanwhile, market observers have pointed out that Metaplanet’s Bitcoin purchases reflect Japan’s growing crypto market, marked by the involvement of major technological firms like Sony and favorable regulatory changes.
Last week, Japan’s three largest banks—Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank—backed Project Pax, a stablecoin platform designed to facilitate cross-border business settlements.
Further, Agile Energy X, a subsidiary of the Tokyo Electric Power Company (Tepco), revealed that it would be harnessing excess renewable energy for Bitcoin mining activities.
Ripple CEO Brad Garlinghouse further noted that the Asian country presents a viable regulatory environment that allows the industry to thrive. He stated:
“Japan‘s leaders are committed to advancing crypto and blockchain technology, through clear frameworks and constructive policy that protects consumers and enables innovation.”
These activities inadvertently position Japan as a forward-thinking player in the global digital assets space.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Brad Garlinghouse stands at the forefront of financial technology as the CEO of Ripple.