Bitcoin payments helped the Japanese company Metaplanet to increase its stock by 500%
A statement released on September 10 says that Metaplanet Inc. has bought an extra 38,464 Bitcoin worth about ¥300 million ($2 million).
With this new buy, Metaplanet now has 398.832 BTC in Bitcoin, worth about ¥3.75 billion ($26 million).
Yahoo Finance says that Metaplanet’s price rose 4.42% after the purchase to ¥1,086. The price has gone up more than 500% so far this year.
Metaplanet has steadily increased the amount of Bitcoin it holds over the past few months as part of its plan to use the most popular digital currency as a strategic bank reserve.
Japan’s economy struggled because of high government debt, negative interest rates, and the yen losing value.
On September 9, the company said it would use its stock acquisition rights to get ¥299.7 million for more Bitcoin purchases.
This happened after the business teamed up with SBI VC Trade, a branch of the SBI Group, to get access to corporate storage services. The business said that SBI would give it corporate holding services that put compliance and tax efficiency first.
Japan’s Growing World of Cryptocurrencies
Market watchers say that Metaplanet’s purchases of Bitcoin show that Japan’s crypto market is growing, as big tech companies like Sony are getting involved and regulations are improving.
Japan’s three biggest banks—Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank—backed Project Pax last week. Project Pax is a stablecoin platform that makes settling business transactions across borders easier.
Additionally, Agile Energy X, a division of the Tokyo Electric Power Company (Tepco), said that it would be using extra green energy for Bitcoin mining.
Ripple CEO Brad Garlinghouse also said that Asian countries have good regulations that allow the industry to grow. What he said:
“Japan‘s leaders are committed to advancing crypto and blockchain technology, through clear frameworks and constructive policy that protects consumers and enables innovation.”
By doing these things, Japan unintentionally positions itself as a leader in digital goods.
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