Tokyo-based early-stage investment firm Metaplanet now holds more than 1,000 Bitcoins.
According to CEO Simon Gerovich, this makes it one of the largest corporate holders of the leading cryptocurrency in Asia.
Godfrey BenjaminRecently, the company announced yet another purchase of 156.78 BTC.
After adopting Bitcoin as its treasury reserve asset in a MicroStrategy-like pivot, the shares of Metaplanet skyrocketed, reaching the maximum possible daily gains on the Tokyo Stock Exchange. The adoption of Bitcoin helped to inject new life into the struggling consulting firm, which used to function as an operator of low-budget hotels.
Earlier this month, the company announced the MicroStrategy-like "BTC Yield" metric, which makes it possible to showcase what impact Bitcoin purchases have on shareholder returns.
Metaplanet's objective is to accumulate as much Bitcoin as possible, and the Tokyo-based company has already found among the largest corporate holders of the leading cryptocurrency. According to the most recent data, Metaplanet is now on track to surpass Bitcoin mining hardware manufacturer Canaan and mining company Bitfarms in terms of total holdings. Notably, Metaplanet is the only Japanese entry on the list of the top corporate Bitcoin owners.
In other news, MicroStrategy recently appeared among the most-traded stocks, surpassing such "Magnificent 7" heavy hitters as Amazon.
The company's stock has experienced an impressive rally over the past few weeks, with traders viewing it as a leveraged Bitcoin play. MicroStrategy's total BTC holdings are now worth roughly $17.5 billion.
Dan Burgin
U.Today Editorial Team
Vladislav Sopov