Sora Ventures, Metaplanet bet $6.5 million on Bitcoin to create ‘Asia’s first MicroStrategy’

by e_cash_top

Metaplanet, a Tokyo Stock Exchange-listed company, announced on April 8 that it has embraced Bitcoin as a core treasury asset.

In an April 8 statement on social media platform X (formerly Twitter), Metaplanet said it was allocating ¥1 billion, approximately $6.56 million, to the flagship digital asset as part of its groundbreaking shift in its financial strategy.

The firm stated:

“This strategic pivot is not just about embracing digital assets but also about pioneering a future where finance meets innovation at its core…Our transition to Bitcoin is a significant milestone in our mission to lead in the digital finance era and positions Metaplanet as a pioneer in the adoption of digital assets in Japan.”

It added that it achieved this milestone through partnerships with venture capital firm Sora Ventures, Mark Yusko, the CEO of Morgan Creek Capital, Jack Liu, and others.

According to Google Finance’s data, the company’s stock is trading at 19 JPY on the stock exchange and has fallen 5% over the past five days.

Meanwhile, this is not the first time an under-the-radar company has announced intentions to venture into Bitcoin.

Last month, Nilam Resources, a microcap company, disclosed plans to acquire 24,000 BTC. However, the move has generated many concerns, with the company’s former CEO, Ron McIntyre, reportedly labeling it a “classic pump and dump.”

‘Asia’s first MicroStrategy’

Jason Fang, the founder of Sora Ventures, described Metaplanet’s move as “Asia’s first MicroStrategy.” Fang said:

“The product will enable Japanese to gain exposure to bitcoin without paying an unrealized gains tax that could go as high as 55%. It will also enable anyone with an account to Tokyo Stock Exchange to gain exposure to bitcoin without any regulatory risks.”

Fang will join the company’s new board.

MicroStrategy is the world’s largest public holder of Bitcoin, and the company’s BTC bet has been very successful. According to Saylortracker data, the business intelligence platform currently holds over 214,000 BTC worth approximately $15.3 billion.

The post Sora Ventures, Metaplanet bet $6.5 million on Bitcoin to create ‘Asia’s first MicroStrategy’ appeared first on CryptoSlate.

Source link

Related Posts