Bitcoin

Sora

Planet

Rise

Web3 infrastructure provider Metaplanet’s Tokyo-listed stock shot up nearly 90% in two days after the announcement of a partnership with Sora Ventures, Morgan Creek Capital’s Mark Yusko, and others to add $6.65 million in Bitcoin to its balance sheet.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 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… <a href="https://t.co/OASxj9IBPG" target="_blank" data-wpel-link="external" rel="noopener noreferrer nofollow">pic.twitter.com/OASxj9IBPG</a>— Metaplanet Inc. (@Metaplanet_JP) <a href="https://twitter.com/Metaplanet_JP/status/1777243921867014574?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">April 8, 2024</a>
 </blockquote>
 </div>
</figure>
The business, once known as Red Planet and operated low-cost hotels before becoming a Web3 software developer, stated that it wants to reduce its exposure to the Japanese yen.
In an update to shareholders, the company stated that the yen has suffered due to Japan’s generation-long low-interest rates, which have undermined its standing as a major global currency. The <a href="https://www.reuters.com/markets/asia/japan-poised-end-negative-rates-closing-era-radical-policy-2024-03-18/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">first-rate increase in seventeen years</a> occurred in March when the central bank raised short-term interest rates from minus 0.1% to 0-0.1%.
It said, “The Company’s decision to incorporate Bitcoin into its treasury assets is driven by a multifaceted understanding of its potential as a hedge against inflation, a tool for macroeconomic resilience, and a basis for long-term capital appreciation.”
Additionally, the approach is similar to that of MicroStrategy which declared in 2020 that it would begin increasing its Bitcoin holdings. Since then, the price of its stock has frequently followed the changes in the value of Bitcoin, indicating the attitude of investors toward the cryptocurrency market.
MicroStrategy is now the largest corporate owner of Bitcoin holding more than 214,000 valued at more than $15 billion, according to the <a href="https://bitcointreasuries.net/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a> of bitcointreasuries.net
Jason Fang, managing partner and co-founder of Sora Ventures, was involved in the collaboration to include Bitcoin in Metaplanet’s balance sheet.
In a <a href="https://twitter.com/JasonSoraVC/status/1777300574939058202?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1777300574939058202%7Ctwgr%5E5f4121800dc2d6489d052e15324df5c988419dfa%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.coindesk.com%2Fmarkets%2F2024%2F04%2F09%2Fmetaplanet-shares-soar-as-japanese-firm-mimics-microstrategy-on-bitcoin-buying%2F" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">post</a> on X, Fang emphasized it as a means for Japanese investors to gain exposure to cryptocurrency through a publicly traded company rather than holding the asset directly, which carries a hefty tax on unrealized gains in cryptocurrency.
Since it was first proposed, lawmakers have discussed and changed this tax, making it a contentious policy. Japan’s National Tax Agency declared in June 2023 that tokens issued by cryptocurrency startups would not be subject to the regulations.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/03/19/microstrategy-stashes-9245-more-bitcoins-worth-623-millions/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">MicroStrategy Stashes 9245 More Bitcoins Worth $623 Millions</a>
</blockquote>

Metaplanet Shares Rise as Japanese Firm Buys Bitcoin Holdings

The Crypto Times

Другие статьи, опубликованные 9 апр. 2024 г.

Analyst Says Celestia Is a Good Buy, KangaMoon Shines As Fantom Falls Below Support

dWallet Network brings multi-chain DeFi to Sui, featuring native Bitcoin and Ethereum

Donk.Meme Set To Conclude $DONKM Token Presale: Here’s Your Chance To Become An Early Contributor...

Toncoin Surges into Top 10 Cryptos: What’s Fueling the Rise?

The AI-Based Smart Contract Audit Firm "Bunzz Audit" Has Officially Launched

From Pocket Change to Fortune: The Befe Coin Strategy for $1M USD Wealth

Join our free newsletter for daily crypto updates!