Japanese investment firm Metaplanet has made a bold move by purchasing 1 billion yen ($6.5 million) worth of Bitcoin (BTC) as a core treasury asset. This decision follows in the footsteps of the American corporate giant MicroStrategy. Metaplanet focuses on Web3 and metaverse-related businesses and received support for its BTC adoption from Sora Ventures, UTXO Management, and prominent individuals like Mark Yusko, the founder of Morgan Creek Capital, and Jack Liu, a founding member of Ordiswap.
Jason Fang, the founder of Sora Ventures, dubbed Metaplanet “Asia’s first MicroStrategy” and highlighted that the adoption of BTC as a treasury asset would allow Japanese investors to gain exposure to Bitcoin without regulatory risks. Since the adoption of BTC, Metaplanet has experienced significant market momentum, with its stock price soaring by 89% after the announcement.
Metaplanet considers this move a significant milestone and expects it to position the firm as a pioneer in the adoption of digital assets in Japan. MicroStrategy, led by Michael Saylor, popularized the use of Bitcoin as a treasury asset. The US-based company began acquiring Bitcoin in August 2020 when its price was around $10,000. Over the next four years, MicroStrategy accumulated over 214,246 BTC, with an average purchase price of $33,706.00 per BTC, totaling $6.91 billion. The current market value of MicroStrategy’s BTC holdings exceeds $15 billion, resulting in over 100% profit.
Even during the bear market in 2022, when MicroStrategy’s BTC holdings were at a loss, Saylor remained steadfast and refused to sell. Instead, he further increased his Bitcoin holdings. Saylor’s purchase of Bitcoin as a treasury-hedging asset inspired other publicly listed companies to follow suit. He even claimed to have convinced Tesla CEO Elon Musk to invest $1.5 billion in BTC in January 2021.
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