After announcing changes to its treasury management strategy on July 1, Metaplanet disclosed a 20.20 BTC acquisition the same day, increasing its Bitcoin reserve to 161.2677 BTC. The recently announced ¥400 million (~$2.5M) investment in Bitcoin increased the Japanese firm’s holdings to 203.734 BTC (~$11M).
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The firm’s July 1 statement confirmed its shift from real estate and hotel management to the accumulation of Bitcoin as reserve assets. Two subsequent statements, released on July 1st and July 8th, confirmed the firm’s total BTC holding was now worth over 1.6 billion Yen.
Metaplanet strongly bets on Bitcoin
*Metaplanet purchases additional 42.47 $BTC* pic.twitter.com/dPotWszW1Y
— Metaplanet Inc. (@Metaplanet_JP) July 8, 2024
On June 28, at the Extraordinary General Meeting of Shareholders, Metaplanet Inc. President Simon Gerovich stated that the company was leveraging Bitcoin to ‘enhance shareholder value.’ The Japanese firm then released a series of statements announcing its full dive into the digital assets market, focusing primarily on Bitcoin.
The company affirmed that it was joining an industry trend by using BTC as a reserve asset to resist challenges in Japan’s economy. Metaplanet announced that it would commit an initial 1 billion JPY in its groundbreaking financial strategy aimed at pioneering the integration of finance and innovation at its core.
“Our transition to Bitcoin is a significant milestone in our mission to lead in the digital finance era and positions Metaplanet as a pioneer in the adoption of digital assets in Japan. Stay tuned!”
–Metaplanet Inc.
The Japanese firm announced that the bold step to embrace digital assets was made possible by the support of investors and partners. Gerovich expressed his enthusiasm for leading the firm into the future of treasury assets. He also pointed out that the company was listed on the Tokyo Stock Exchange under symbol 3350 and could now be traded easily through major brokers like Interactive Brokers.
Metaplanet is becoming the ‘Asian Microstrategy’
According to Gerovich, buying Bitcoin was the simplest way to ‘hedge against’ a volatile depreciating Yen, a strategy he claimed Metaplanet would implement going forward. The Bitcoin Conference confirmed on June 28 that Gerovich would be a conference speaker in Nashville on July 25-27 to share Metaplanet’s investment strategies.
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Gerovich shared on July 1 that the election of its 5 new directors to join Metaplanet’s Board was part of the company’s wider vision in crypto investments. The Japanese firm’s statement on July 1 also emphasized the 10:1 consolidation of the company’s (now 65 million) shares to be active on August 1.
“Agenda 4: The election of five new directors in order to pursue new business opportunities, expand into emerging fields, enhance corporate value, and strengthen our management structure.”
-Metaplanet
The Japanese firm also announced the publication of its new website, where it promised to share insightful advice on BTC adoption among other Bitcoin and economics resources. Another statement made on June 25 confirmed Metaplanet’s establishment of a wholly-owned subsidiary in the British Virgin Islands as part of its international growth strategies.
Cryptopolitan reporting by Collins J. Okoth