Japan Firm Adopts Bitcoin, Creates Asia’s First MicroStrategy

Metaplanet Inc., a diversified enterprise listed on the Tokyo Stock Exchange, has officially embraced Bitcoin as a principal component of its treasury assets, committing an initial investment of JPY 1 billion (about $6.56 million). This strategic pivot positions Metaplanet to potentially become “Asia’s first MicroStrategy,” referencing the American company known for its substantial BTC holdings.

The Bitcoin Playbook By MicroStrategy

Metaplanet’s announcement on X (formerly Twitter) elaborated on its decision, emphasizing the move as a blend of finance and innovation. The initiative is supported by a notable consortium, including Sora Ventures, UTXO Management, and individuals like Mark Yusko (founder, CEO & CIO of Morgan Creek Capital) and Jack Liu (founding member of Ordswap), signaling strong backing from the venture capital and cryptocurrency communities

“Today, we’re thrilled to announce a groundbreaking shift in our financial strategy, as we embrace Bitcoin as the core treasury asset of the Company going forward by committing an initial JPY 1 billion. […] 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!,” the announcement reads.

Today, we’re thrilled to announce a groundbreaking shift in our financial strategy, as we embrace Bitcoin as the core treasury asset of the Company going forward by committing an initial JPY 1 billion. This strategic pivot is not just about embracing digital assets but also about… pic.twitter.com/OASxj9IBPG

— Metaplanet Inc. (@Metaplanet_JP) April 8, 2024

Simon Gerovich, CEO of Metaplanet Inc commented via X: “I am thrilled to lead Metaplanet as we take a bold step into the future, committing an initial JPY 1 billion to Bitcoin as our core treasury asset going forward. Thanks to the support from our partners and investors. I’m proud of our pioneering spirit and excited for what lies ahead.”

Jason Fang of Sora Ventures, commenting on the development, highlighted the strategic advantages for Japanese investors. Fang’s board membership at Metaplanet signals a deeper collaboration aimed at fostering BTC exposure without regulatory risks for Tokyo Stock Exchange account holders. Fang commented:

Excited to announce that Sora Ventures is working with Metaplanet […] The product will enable Japanese to gain exposure to bitcoin without paying an unrealized gains tax that could go as high as 55%. It will also enable anyone with an account to Tokyo Stock Exchange to gain exposure to bitcoin without any regulatory risks.

Operating in sectors ranging from hotel development to Web3 consulting and real estate investments, Metaplanet has positioned itself as a dynamic player with a global footprint. Despite its relatively modest market cap of 4.27 billion JPY ($28 million), significantly smaller than that of MicroStrategy, the world’s leading corporate holder of BTC, Metaplanet’s stock surged by 90% following the announcement.

The reactions from the community were predominantly positive. Bitcoin advocate Dylan LeClair lauded, “Japanese public company implementing a corporate Bitcoin standard.” Joe Burnett, senior product marketing manager at Unchained offered: “Congratulations! My DMs are open if you want to ensure that custody of your corporate #Bitcoin treasury has no single point of failure.”

At press time, BTC traded at $71,081.

Featured image created with DALL·E, chart from TradingView.com