Bitcoin
The ‘MicroStrategy of Japan’ Just Bought More Bitcoin – And Its Stock Predictably Rose
Japanese investment firm MetaPlanet has added another 23.5 BTC to its balance sheet, purchased for a total of 250 million yen (or about $1.6 million), according to a report Thursday. archiving.
Following the news, MetaPlanet shares on the Tokyo Stock Exchange rose 10%, despite the price of Bitcoin itself falling more than 3% in the last 24 hours.
“As of June 11, Metaplanet holds approximately 141.07 Bitcoin purchased by [$9.2 million] at an average price of [$65,426] for BTC”, he wrote Dylan LeClair, Director of Bitcoin Strategy at MetaPlanet, took to Twitter on Tuesday.
This represents a total Bitcoin hoard worth around $9.5 million today.
LeClair’s tweet is reminiscent of MicroStrategy CEO Michael Saylor, who tweeted your company’s Bitcoin holdings and the average purchase price after each of your purchases over the past four years.
Since adopting Bitcoin as its “main treasury reserve asset” in April, MetaPlanet top brass willingly referred to the company as “Asia’s first MicroStrategy.” MetaPlanet previously told Decrypt that it plans to use capital markets to acquire more BTC, with a deliberate attempt to mimic MicroStrategy’s role in American capital markets.
The branding was certainly effective. MetaPlanet shares are down 456% year-to-date since announcing its Bitcoin plan, outpacing the already impressive growth in MicroStrategy (MSTR) shares, which are up 127% this year. MicroStrategy is by far the largest corporate Bitcoin holder in the world, currently holding 214,400 BTC worth $14.46 billion.
On two consecutive occasions last month, MetaPlanet shares broken out the total daily earnings (50%) allowed by the Tokyo Stock Exchange.
Other public companies around the world have also adopted a Bitcoin standard for their corporate treasuries this year and have received similar blessings. Canadian crypto firm Defi Technologies tore 25% on Monday after announcing the purchase of 110 BTC. At the end of last month, Semler Scientific declared Bitcoin is its “primary treasury reserve asset” and “preferable to gold,” and its shares have risen 72% since then.
Chris Kuiper, Director of Research at Fidelity Digital Assets, believes Bitcoin’s latest wave of adoption could be a sign that the asset’s “game theory” is starting to work.
“Although they are small companies, it makes sense to me that small and micro caps are early adopters – companies on the periphery that have more to lose than large companies with cash flow,” he tweeted.
Edited by Ryan Ozawa.