Tokyo stock exchange-listed Metaplanet declared Bitcoin as its strategic reserve asset due to the current economic uncertainty pervading the Japanese economy, according to a May 13 statement.The firm said:“Metaplanet has adopted Bitcoin as its strategic treasury reserve asset. This move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen.”Metaplanet justified this shift by highlighting Bitcoin’s advantages over the Japanese Yen, including protection against currency devaluation, opportunities for speculative arbitrage in capital markets, and leveraging Bitcoin’s tax benefits.Meanwhile, the firm’s latest move has continued with several pro-BTC decisions in recent months. In April, the firm committed to Bitcoin as a core treasury asset, allocating ¥1 billion, around $6.56 million, to the flagship digital asset in a significant shift in its financial strategy.Since then, the Japan-based firm has accumulated approximately 117.72 BTC, valued at 1.2 billion JPY or $7.7 million. It has also appointed Dylan LeClair, a staunch Bitcoin advocate, as its Director of Bitcoin Strategy.Metaplanet said it would prioritize a “Bitcoin-first [and] Bitcoin-only approach” for its operations.According to the firm, this decision is rooted in its belief that the flagship digital asset is “fundamentally superior to any other forms of political currency, traditional stores of value and investment, and all other crypto-assets/securities.”It continued that BTC’s blockchain reliance on the proof-of-work (PoW) consensus mechanism is advantageous as it “is intricately linked to real-world energy inputs, mirroring the cost conditions seen in traditional commodities.”Metaplanet furthered:“Bitcoin’s monetary policy is rigidly set in stone through 2140, setting it apart from both monetary metals and competing crypto projects operated at the whims of centralized developer teams. There will only ever be 21,000,000 BTC.”Consequently, the Japanese public company stated that it would initiate several financial options, including periodic share issuance and long-dated yen liabilities, to accumulate BTC instead of retaining the “ever-weaker yen.”Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Essential crypto updates and analyses. Straight to your inbox, every day.Japanese firm Metaplanet saw its stock surge 10% after its most recent Bitcoin acquisition.The theft ranks among the top 5 hacking incident that has affected a Japan-based crypto platform.Metaplanet’s total Bitcoin holdings is approximately 117.72 BTC, valued at ¥1.2 billionWhen its merger is complete, Coincheck will become the second publicly listed crypto exchange in the US after Coinbase.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.Miller argued that the flagship crypto remains vastly undervalued and predicts a major shift in global capital governance.The report highlights significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via privacy coins, layer-2 networks, and crypto mixers. CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
