Key points
- Metaplanet has increased its Bitcoin holdings to nearly 400 BTC with a new investment of ¥300 million.
- The company intends to take advantage of the favorable tax treatment available through its partnership with SBI Group’s cryptocurrency arm, SBI VC Trade.
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Metaplanet, a publicly traded Japanese company often referred to as the “MicroStrategy of Asia,” has purchased an additional ¥300 million worth of Bitcoin, the company announced Tuesday. The new acquisition increases its total holdings to approximately 400 BTC, valued at around $22.5 million.
*Metaplanet buys an additional 38.46 $BTC* image.twitter.com/vdnRt8O07c
— Metaplanet Inc. (@Metaplanet_JP) September 10, 2024
The announcement came after Metaplanet said Monday that its management team will exercise the 11th round of stock acquisition rights to allow executives to purchase shares in the company at a predetermined price.
The funds raised in this exercise, totaling ¥229.7 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 Share Acquisition Rights by Metaplanet Management* image.twitter.com/V7qzoHWrSM
— Metaplanet Inc. (@Metaplanet_JP) September 9, 2024
Despite the recession in the Bitcoin MarketMetaplanet continues to use Bitcoin as a treasury reserve asset, with the goal of providing domestic investors with exposure to Bitcoin and capitalizing on favorable tax treatment.
Earlier this month, Metaplanet signed a partnership with SBI Group Cryptocurrency investment arm SBI VC Trade will 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 an apolitical financial asset. “Asian MicroStrategy” also benefits from SBI’s tax-exempt service, which supports corporate long-term cryptocurrency holdings.
Metaplanet has made headlines for its constant accumulation of Bitcoin. The firm’s investment strategy mirrors that of MicroStrategy, which views Bitcoin as a strategic hedge against the depreciating yen and Japan’s high government debt.
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