Summary
Metaplanet, a Tokyo Stock Exchange firm, announced plans to adopt Bitcoin as its core treasury reserve asset, causing its stock price to nearly double. The move is similar to MicroStrategy’s adoption of Bitcoin, leading to comparisons between the two companies. Metaplanet’s CEO retweeted posts likening the firm to “Asia’s first MicroStrategy.” Backers of Metaplanet’s Bitcoin adoption include Sora Ventures, UTXO Management, Jack Liu, and Mark Yusko. Japan does not currently have a standardized Bitcoin ETF, making Metaplanet’s move a unique opportunity for Japanese investors.
Key Points
1. Metaplanet, a little-known investment firm trading on the Tokyo Stock Exchange, has announced plans to adopt Bitcoin (BTC) as its “core treasury reserve asset,” resulting in a nearly 90% increase in its stock price.
2. The company has already deployed 1 billion JPY (or $6.56 million) towards Bitcoin, representing nearly half of its total market capitalization at the time of the announcement.
3. Metaplanet’s stock jumped from 19 JPY at Monday’s close to 36 JPY at Tuesday’s close, with trading volume significantly higher than its average. This move draws comparisons to MicroStrategy, whose stock rose almost 1,000% after adopting Bitcoin as its primary asset.