Source: beincrypto
Compiled by: Blockchain Knight
Two Japanese giants, Sony and Metaplanet, are tightening their grip on Crypto assets in 2024 as Japan battles a dwindling currency.
Crypto assets are seeing increasing adoption in Japan, with companies jumping into the space to offer alternatives to their customers.
Sony has entered the crypto asset space by acquiring digital asset trading service provider Amber Japan at a valuation of $103 billion.
According to the statement sent, the company will be renamed S.BLOX.
Amber Japan operates the “WhaleFin” Crypto asset exchange, and the acquisition will provide the application with easier-to-use services and more supported currencies and features. WhaleFin confirmed the development in an announcement on Monday.
The announcement reads: "Looking forward, as a member of the Sony Group, we will strive to create new added value in Crypto asset trading services by collaborating with the group's diverse businesses."
On the other hand, Amber Japan has been facing a financial crisis since the collapse of FTX in 2022. Long before Sony Group expressed its interest in acquiring it, its parent company Amber Group had to conduct a debt-for-equity transaction with Fenbushi Capital.
Additionally, there are reports that investment firm Metaplanet has taken similar action.
On Monday, Metaplanet invested an additional $1.02 million worth of BTC, becoming the largest corporate holder of BTC in Japan.
Like MicroStrategy, Metaplanet has also been gradually increasing its BTC holdings since April 2024.
Metaplanet disclosed on June 11 that it had purchased $1.6 million in BTC, and on June 24 it committed to buying an additional $6 million from the bond offering.
The company’s basic policy is to hold BTC for the long term, the report said.
The report mentioned the company’s commitment to reducing its exposure to the Japanese yen (Japan’s national currency), and the company also hopes to provide Japanese investors with exposure to crypto assets with a favorable tax structure.
The moves by Sony and Metaplanet point to growing adoption of crypto assets in Japan, which is also facing concerns among officials about currency devaluation.
Under the influence of the sharp depreciation of the yen and some monetary policies of the Bank of Japan (BOJ), Japan's Crypto asset landscape has undergone major changes.
According to a Reuters report on June 27, Japanese Finance Minister Shunichi Suzuki and Chief Cabinet Secretary Yoshimasa Hayashi expressed concerns about the yen's plunge.
Bank of Japan Deputy Governor Shinichi Uchida also said: "The weak yen is one of the factors pushing up inflation, so we will pay close attention to currency trends when guiding monetary policy."
Stable changes in currency are controllable, but unilateral rapid changes often affect the national economy.
When currencies lose value, investors may look for other assets to protect their wealth or seek higher returns. In this case, some investors may use BTC as a store of value.
For example, Metaplanet said it holds BTC as a reserve asset to reduce risk from Japan’s debt burden and resulting yen volatility.
In the same vein, as the dollar moves lower ahead of this week’s key jobs report, MicroStrategy founder Michael Saylor issued a bullish call for selling USD and buying BTC.