The post Japanese Company Metaplanet Inc Stock Rockets Embracing ¥1 Billion Bitcoin Investment appeared first on Coinpedia Fintech News
On Monday, April 8, 2024, Metaplanet Inc. (Tokyo: 3350), a highly diversified company focused on several sectors, including web3 space, announced that it has initially committed JPY 1 billion, which is approximately $6.56 million, to support its transition to adoption of Bitcoin (BTC) as the core treasury asset. Less than 24 hours later, its stock market had surged around 90 percent to trade at about ¥36 on Tuesday. As a result, the Metaplanet stock market is up more than 111 percent year-to-date (YTD).
Metaplanet is working closely with Sora Ventures, Morgan Creek Capital’s Mark Yusko, and UTXO Management, among others, to facilitate a seamless transition to Bitcoin adoption.
Growing Trend in Bitcoin Adoption
The tangible benefits that MicroStrategy has achieved through adopting Bitcoin in its balance sheet in the past few years have convinced global institutional investors to move in the same direction. The recent approval of spot Bitcoin ETFs in the United States, which has been described as a huge success, has also played a crucial factor.
Moreover, two of China’s largest fund management firms – Harvest Global Investment and Southern Fund – have recently applied to offer spot Bitcoin ETFs.
Market Check and Impact on BTC Price Action
The significant adoption of Bitcoin by institutional investors has resulted in the notable decline of BTC on centralized exchanges in the recent past. According to on-chain data, Bitcoin’s supply on centralized exchanges recently reached a multi-year low of about 1.7 million.
Coupled with the upcoming fourth Bitcoin halving around April 20, which will reduce the daily emotion by half, the flagship coin is well-positioned to rally further in the coming months.
