Bitcoin adoption leads to soaring stock price for Japanese investment firm

Japanese investment firm Metaplanet has announced its purchase of 1 billion yen ($6.5 million) worth of Bitcoin (BTC) as a core treasury asset, following the lead of American company MicroStrategy. Metaplanet, which focuses on Web3 and metaverse-related businesses, made the decision to adopt BTC with the support of Sora Ventures, UTXO Management, and prominent individuals like Mark Yusko and Jack Liu. The move has already had a positive impact on Metaplanet’s market momentum, with the stock price increasing by 89% after the announcement. The firm sees this move as a significant milestone and aims to establish itself as a pioneer in the adoption of digital assets in Japan. MicroStrategy, led by Michael Saylor, popularized the use of Bitcoin as a treasury asset. The company began buying Bitcoin in August 2020 and has amassed over 214,246 BTC with a current market value of over $15 billion. Despite facing losses during the bear market in 2022, Saylor remained steadfast in his decision to hold onto the BTC and even increased his purchases. Saylor’s actions have inspired other publicly listed companies, including Tesla, to adopt Bitcoin as well.