Japanese Firm Metaplanet to Add $659M in Bitcoin to Its Treasury, Shares Soar 90% in Response
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
Metaplanet Joins Forces With Sora Ventures for ‘Asia’s First Microstrategy’
On April 8, Metaplanet (TSE: 3350), a firm based in Japan, disclosed its strategy to bolster its treasury with 1 billion yen ($659M) in bitcoin (BTC). The decision has garnered backing from a slew of partners and investors, including Sora Ventures, UTXO Management, and Morgan Creek Capital’s Mark Yusko, among others. “This strategic pivot is not just about embracing digital assets but also about pioneering a future where finance meets innovation at its core,” Metaplanet said on X.
Previously known as Red Planet, Metaplanet shifted its focus from hospitality to becoming a Web3 development innovator. Jason Fang, the founder of Sora Ventures, took to X to share news about the BTC treasury strategy. “Excited to announce that [Sora Ventures] is working with [Metaplanet], a listed company on the Tokyo Stock Exchange to create Asia’s first Microstrategy,” Fang declared.
Fang further elaborated:
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. I will be joining the board on the listed company.
Following Metaplanet’s disclosure of its bitcoin strategy, its stock value climbed 89.47% relative to the U.S. dollar. The market valuation of this Japanese enterprise now stands at 2.18 billion yen, equivalent to $14.3 million, aligning it with other major players like Microstrategy, Mogo Inc., and Tesla.
