Japanese Firm Metaplanet’s Bitcoin Move Skyrockets Shares by 89%

On April 8, Metaplanet Inc. (TYO: 3350), a publicly-listed Japanese consulting and investment firm, announced its decision to “embrace Bitcoin as the core treasury asset of the company going forward by committing an initial JPY 1 billion.”

Metaplanet Inc., a multifaceted Japanese firm listed on the Standard Section of the Tokyo Stock Exchange, plays a pivotal role in connecting Japan with the global market, embracing both traditional sectors and cutting-edge innovations. With over a decade of diversified experience, particularly in hotel development and operations, the company has expanded its expertise into Web3 consulting, real estate development, and strategic investments. Operating from its headquarters in Japan, Metaplanet leverages a dynamic team skilled in finance, real estate, and Web3 technologies to drive its operations worldwide, embodying a bridge from Web2 to Web3 and from conventional to novel technologies and services across various domains.

On April 8, the company shared an update on social media platform X (formerly known as Twitter), unveiling its decision to integrate Bitcoin into its financial strategy as a principal treasury asset. The company says that by allocating an initial investment of 1 billion Japanese Yen (roughly $6.5 million) to Bitcoin, it is not merely adjusting its financial strategy but is redefining its role in a future where finance and innovation converge.

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The announcement highlights the collaboration with an impressive roster of partners and investors who are contributing to Metaplanet’s vision: Sora Ventures (a Taipei-headquartered crypto-focused investment firm), UTXO Management (a Bitcoin-focused investment firm), Mark Yusko (Founder, CEO, and CIO of Morgan Creek Capital Management), Jsck Liu (Founding of Ordswap, a trustless exchange specifically designed for trading and swapping Ordinals, which are like Bitcoin-based NFTs), and Batara Eto (Co-founder & Managing Partner of East Ventures, a prominent venture capital firm focusing on Southeast Asia and Japan, investing in tech startups across various sectors).

The announcement seems to have helped Metaplanet’s share price, which witnessed an unprecedented surge, climbing a remarkable 89.47% from its previous closing price of 19 yen to an impressive 36 yen.

Featured Image via Pixabay

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• Source: https://www.cryptoglobe.com/latest/2024/04/embracing-bitcoin-as-the-core-asset-of-its-treasury-helps-shares-of-publicly-listed-japanese-firm-surge-89/