Another publicly traded company is imitating Michael Saylor’s move by selecting Bitcoin as their preferred savings option.
On Monday, Metaplanet, a Tokyo Stock Exchange-listed investment and consultancy firm, disclosed that it had bought approximately 6.5 million US dollars’ worth of Bitcoin for its company reserves.
Metaplanet’s Bitcoin Strategy
According to a tweet from the company, Metaplanet has decided to make Bitcoin its primary treasure asset.
The firm expressed that this shift in strategy involves more than simply adopting digital currencies; it’s about leading the way in finance by merging it with groundbreaking innovations.
Metaplanet’s website states that their mission is to connect Japan with the global community in both the current Web2 and emerging Web3 digital realms.
“Web3” refers to the next phase of the internet, characterized by blockchain technology and marked by the prevalence of tokenization and decentralized finance in everyday life. Our firm offers consulting services tailored to helping businesses adapt to this new paradigm and implement blockchain solutions.
Businesses in various sectors, such as investment, real estate, and distribution of superior Japanese goods globally, are part of the firm’s portfolio. The company’s recent investors endorsing its Bitcoin strategy include Sora Ventures, UTXO Management, and Mark Yusko – a co-founder of Morgan Creek Capital who anticipates Bitcoin hitting $150,000 in value this year.
Metaplanet announced that shifting to Bitcoin is a major achievement in our goal to be a trailblazer in the digital finance movement, making us a pioneer in Japan’s adoption of digital assets.
Metaplanet Versus MicroStrategy
Metaplanet has a market value of approximately 2.18 billion Japanese yen – significantly less than MicroStrategy, which is currently the global leader in holding Bitcoin as its financial reserve asset.
A business specializing in enterprise software, which has shifted its focus to Bitcoin development, currently holds approximately 1% of the total Bitcoin supply, equal to around 214,245 Bitcoins valued at over $15.39 billion.
MicroStrategy, being a public company, has had the ability to acquire more Bitcoin (BTC) through various means such as cheap convertible notes, debt issuance, and stock dilution. Effectively, it functions like a leveraged Bitcoin ETF for investors, providing an opportunity to invest in Bitcoin prior to the launch of regular Bitcoin ETFs in the U.S. public markets this year.
MicroStrategy’s stock price, represented by the ticker MSTR, has surged by 120% so far this year. This is more than double the growth experienced by Bitcoin during the same period. Some financial experts argue that this significant increase exceeds the fair value of MicroStrategy’s Bitcoin holdings and will eventually be adjusted.
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2024-04-09 03:28