LIVEJapanese Web3 Infrastructure Provider Metaplanet Adds $6.56 Million Bitcoin to Its Balance Sheet
According to PANews, Metaplanet, a Japanese Web3 infrastructure provider, has announced a collaboration with Sora Ventures and Mark Yusko of Morgan Creek Capital. The company has added $6.56 million worth of Bitcoin (BTC) to its balance sheet, resulting in a nearly 90% increase in the price of its Tokyo-listed shares in two days. The move aims to reduce exposure to the yen and give Japanese investors the opportunity to engage with cryptocurrencies under a favorable tax structure.
Metaplanet, which initially operated budget hotels under the Red Planet name, has since become a Web3 software developer. The company stated that this decision aims to use Bitcoin as a means of protection against inflation, a tool for macroeconomic stability, and a basis for long-term capital appreciation. This strategy emulates that of MicroStrategy, a US-based company that announced in 2020 that it would begin increasing its Bitcoin holdings. Today, its share price often reflects fluctuations in the price of Bitcoin, demonstrating investor sentiment towards the cryptocurrency market.
Additionally, Jason Fang, partner and co-founder of Sora Ventures, emphasized that this is a way for Japanese investors to interact with cryptocurrencies through publicly traded companies rather than owning assets directly, the latter of which is affected due to high taxes on unrealized cryptocurrencies. Profits.
