Japan’s publicly traded investment firm Metaplanet has added Bitcoin to its reserve funds.
Japan has been a pioneer in embracing cryptocurrencies while ensuring regulatory oversight. With its progressive approach, Japan has established itself as a leading hub for crypto innovation, fostering both adoption and regulatory clarity within its market.
On 13 May 2024, Publicly traded investment firm Metaplanet disclosed that the company started investment in Bitcoin. The company announced that it is changing how it manages its money by focusing mainly on Bitcoin, shifting to using only Bitcoin for its financial strategy.
In this initial phase, the company purchased 117.7 BTC valued at $7.2 million.
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The first time the company revealed its Bitcoin investment plan was in April of this year.
Simon Gerovich, the CEO of this company, said that it is just in the beginning phase of the company’s Bitcoin investment plan.
So here we can expect some major decisions by this company related to Bitcoin.
Just a few days ago, a blockchain firm Block Inc. announced its plan of Bitcoin investment from 10% of its gross profit generated from Bitcoin-related products.
Bitcoin bull firm Microstrategy
At the present time, Microstrategy is the top Bitcoin-holder public firm with over 214,400 Bitcoin (BTC). And here we can say that Microstrategy’s Bitcoin investment strategy acts as a catalyst for other companies to go with BTC investment ideas.
Last month, former Microstrategy CEO Michael Saylor suggested corporate businesses start investing in Bitcoin to increase their corresponding company valuation.
Bitcoin price action
The current trade price of Bitcoin (BTC) is $62,979. This trade price is 2.7% down over the last 24 hours.
Read also: Tether CEO says Ripple only spreading FUD about USDT stablecoin
Japanese public firm Metaplanet now holds 117 Bitcoins
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