June 23, 2024

Lately, the spotlight has been on Japan, which is slowly adopting Bitcoin and other digital assets. A few days ago, the stock price of Metaplanet (Japan MicroStrategy) surged significantly, increasing by over 150% in just a week.

Surprisingly, this incredible surge caused trading to halt for two days. As a result of the uptick, Metaplanet is now the top gainer among all Japanese stocks.

Metaplanet captured the attention of investors with its ambitious strategy to accumulate Bitcoin. 

This act mimics MicroStrategy’s approach, which is why some call the company “Japanese MicroStrategy.” MicroStrategy is known as the world’s largest corporate holder of Bitcoin. 

On the other hand, Metaplanet has started the journey of increasing the amount of Bitcoin it has held over time. Metaplanet announced a bold initiative on Monday to facilitate its Bitcoin accumulation strategy. The company plans to increase the number of authorized shares by 300%. 

This move mirrors a tactic previously employed by MicroStrategy on multiple occasions. By issuing new shares and generating capital through these sales, Metaplanet aims to use the proceeds to purchase additional Bitcoin. 

This strategy turns Metaplanet into a BTC ETF for investors in Japan but without the usual fees. According to its official website, it plans to build a “Web2 and Web3” environment to connect Japan with the rest of the world.

Interestingly, the company’s share price skyrocketed, climbing from just 45 Japanese yen on Monday to 93 yen, a notable increase of 127%. Further, Metaplanet’s market capitalization is reaching $1 billion.

Metaplanet defied the Tokyo Stock Exchange’s rules for two consecutive days. These rules typically limit daily price increases for stocks trading below 100 yen to a maximum of 30 yen. However, Metaplanet’s share price surge exceeded this threshold on both days.

Since April 8, when Metaplanet shared its plan to invest in Bitcoin, it has quickly gathered 117.7 BTC. Using its current price of 67,384, the BTCs in its possession are worth a whopping $7.9 million. 

Just like in the case of MicroStrategy in August 2020, Metaplanet’s stock prices shot up by an impressive 389% after the news. On May 13, Metaplanet said it wants to use different money tools to acquire even more Bitcoin, similar to what MicroStrategy does. 

The company claimed it is entering crypto due to Japan’s significant debt problem and the rapid loss of yen value. Currently, Metaplanet’s stocks are only available on the Tokyo Stock Exchange, meaning American investors can’t easily buy them. 

However, the company plans to turn its shares into digital tokens so more people can invest. Arnab Naskar of STOKR wants to make Metaplanet’s shares into tokens on the Bitcoin network. Notably, this is the same company that did a similar token for MicroStrategy.

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