Metaplanet doubles down on Bitcoin amid Japan crypto boom
Ad Metaplanet Inc. acquired an additional 38.464 Bitcoin for approximately ¥300 million ($2 million), increasing total holdings to 398.832 BTC, valued at about ¥3.75 billion ($26 million). Following this acquisition, Metaplanet's stock rose 4.42% to ¥1,086, with a year-to-date increase of over 500%. The company aims to use Bitcoin as a strategic treasury reserve in response to Japan's economic challenges, including high government debt and negative interest rates. Metaplanet plans to raise ¥299.7 million through stock acquisition rights for further Bitcoin investments and has partnered with SBI VC Trade for corporate custody services. Japan's crypto market is expanding, with major firms like Sony involved and supportive regulatory changes. Japan's largest banks are backing Project Pax for stablecoin transactions, and Agile Energy X plans to use renewable energy for Bitcoin mining. Ripple CEO Brad Garlinghouse highlighted Japan's favorable regulatory environment for crypto innovation.
