Metaplanet’s Bitcoin Bet: Japanese Firm Follows MicroStrategy’s Playbook

• Metaplanet has acquired 20.20 bitcoins at $61,506 per BTC.
• The firm now holds 161.26 BTC at an average price of $63,543 per BTC.
• Metaplanet is often considered Asia’s MicroStrategy because of its BTC policy.

Japanese publicly traded company Metaplanet continues its aggressive accumulation of Bitcoin, acquiring an additional 20.20 Bitcoins at $61,506 each.

This latest purchase reinforces the company’s commitment to Bitcoin as its primary treasury reserve asset, as highlighted in their LinkedIn profile, mirroring the strategy of U.S. firm MicroStrategy. Metaplanet’s total Bitcoin holdings now exceed $10 million, solidifying its position as a major player in the corporate adoption of cryptocurrency.

Currently, Metaplanet holds 161.26 Bitcoins at an average buying price of 10.2 million yen ($63,543) per BTC, spending 1.65 billion yen ($10,247,490) on its purchases. The Japanese company spent 200 million yen ($1,242,120) on this latest acquisition of 20.20 BTC.

The price of Bitcoin at the time of publishing is $63,209 as per CoinMarketCap data, and as a result, the total worth of Metaplanet’s BTC is $10,197,711. The Tokyo Exchange-listed company, considered “Asia’s MicroStrategy,” announced on June 24 that it plans to purchase 1 billion yen worth of Bitcoin using proceeds from its second series of ordinary bonds.

The recent acquisition of 20.20 BTC is part of the 1 billion yen purchase. The Board of Directors of the company has backed Metaplanet’s investment in Bitcoin.

Metaplanet is clearly following in the footsteps of MicroStrategy, which owns 1.078% of the total circulating supply of BTC, or 226,331 bitcoins, “acquired at an aggregate purchase price of approximately $8.33 billion and an average purchase price of approximately $36,798 per bitcoin, inclusive of fees and expenses,” reads a filing.

Founded by Bitcoin bull Michael Saylor, who previously served as the CEO and is now the Executive Chairman at MicroStrategy, the company has invested heavily in Bitcoin and related endeavors, including the Lighting Network. 

The two companies even follow the same approach of holding Bitcoin for the long term and recording the purchase cost, which exempts them from end-of-term market value assessment taxation. If BTC is held for the short term, the holdings would be assessed at market value for each quarter, labeled under non-operating income or expenses.