Metaplanet’s Bitcoin investment propels shares up 17%

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Quick Take

Metaplanet Inc. is taking a bold step towards embracing Bitcoin as part of its corporate strategy. On April 26, the company announced it had purchased up to 1 billion Yen worth of Bitcoin, outlining its approach to adopting the digital asset.

The market has responded favorably to Metaplanet’s Bitcoin move. As of May 20, the company’s share price has soared, up 17% on the day and an impressive 156% year-to-date, currently trading at 41 yen per share.

Metaplanet vs BTCUSD: (Source: TradingView)
Metaplanet vs BTCUSD: (Source: TradingView)

David Bailey, CEO of Bitcoin Magazine, sees Metaplanet’s Bitcoin strategy as a potential game-changer. Bailey says:

“Once this thing gets over $100m market cap, we get access to corporate debt markets in Japan,”.

This approach would be similar to that of MicroStrategy, which takes out debt in order to acquire more Bitcoin. As of April 30, MicroStrategy holds 214,400 BTC.

According to Investing.com, Metaplanet’s current market cap is roughly 7 billion yen, corresponding to about $45 million.

The post Metaplanet’s Bitcoin investment propels shares up 17% appeared first on CryptoSlate.

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