This Japanese Company Buys Bitcoin Worth IDR 64 Billion

Metaplanet, a Japanese company bought up large amounts of Bitcoin. (Photo; Doc. Bitcoin Systemi)

JAKARTA - Metaplanet, a Japanese company engaged in Web3 consultations, real estate development and other services, has taken bold steps by announcing the purchase of Bitcoin worth 1 billion yen, or about $6.25 million. This move marks a new era for companies that have decided to adopt Bitcoin as a core asset in their financial strategy.

Earlier this month, Metaplanet released an announcement on their X page stating there would be a shift in their business strategy. They are ready to adopt BTC as the company's core treasury asset. Furthermore, this web3 consulting company will initial deposit JPY 1 billion in digital assets.

This decision, according to the company, is part of their goal to lead the innovation of the financial sector. This ambitious plan has come true, as stated in a follow-up post that they managed to buy the number of digital assets mentioned. On April 22, 2024, Metaplanet completed its initial purchase of 97.85 bitcoins with an aggregate purchase price of 1 billion yen.

This huge investment in digital assets is about 30% of the current market cap of the company. Their interest in digital assets has provided a huge boost to their share price, which rose nearly 90% following the announcement, pointing to investor confidence and confidence in the company's new initiative.

The surge in share prices reflects the Metaplanet's goal of leading digital finance in Japan. Our transition to Bitcoin is an important milestone in our mission to take the lead in the digital financial era and place the Metaplanet as a pioneer in digital asset adoption in Japan," the company explained.

This transition into cryptocurrencies further demonstrates Bitcoin's reputation as a store of value and a hedge against inflation. The move by the Metaplanet also highlights the growing corporate confidence in digital assets, as many other companies have also purchased BTC. Nexon, another Asian company, bought 100 million US dollars (approximately IDR 1.03 trillion) in 2021 for an average price of around 58,226 US dollars (approximately IDR 600 million).

MicroStrategy, a US-based company, has accumulated Bitcoin since 2020. They have even recently acquired $2 billion in BTC in six months, which has led JPMorgan to warn that the company's wave of purchases could lead to a possible decline, and pose a risk to the stability of the crypto market. In addition, the company has raised more than 214,000 BTC after their first investment, which is about 1% of Bitcoin's supply.

The drop of corporate institutions into digital assets can strengthen wider acceptance of digital assets. Metaplanetary companies entering Bitcoin are also a signal of confidence in the long-term potential of coins and even the entire cryptocurrency market. While there is still a regulatory battle facing digital assets, large investments by established companies like these could further strengthen the trust and trust of large investors and key institutions to buy more coins, which in turn could lead to growth and global acceptance of the cryptocurrency industry.

With this move, Metaplanet not only shows its commitment to financial innovation, but also strengthens its position as a leader in the adoption of digital assets in Japan. Going forward, this bold move can be an inspiration for other companies to follow in the footsteps and take full advantage of the growing potential of digital assets in the global economy.