Metaplanet’s Stock Surges by 90% in Two Days After Adding $6.56M in Bitcoin to Balance Sheet
Web3 infrastructure provider Metaplanet (3350) has seen a surge in its Tokyo-listed stock by nearly 90% within just two days after adding $6.56 million worth of Bitcoin (BTC) to its balance sheet.
According to data from Google Finance , the company’s shares are currently trading at 36 yens, up by 89% over the day.
The surge is largely attributed to Metaplanet’s move to add Bitcoin to its balance sheet, which came in collaboration with Sora Ventures, Mark Yusko from Morgan Creek Capital, and other prominent partners.
Metaplanet, previously known as Red Planet and operating as a budget hotel operator, has transitioned into a Web3 software developer.
Earlier this week, Metaplanet revealed its decision to incorporate Bitcoin into its treasury assets due to several factors.
Firstly, it aims to minimize its exposure to the Japanese yen, which has been significantly impacted by Japan’s low-interest-rate environment.
Over the years, the yen has lost its position as a major global currency.
In a shareholder update, Metaplanet expressed concern about the yen’s vulnerability and highlighted Bitcoin’s potential as a hedge against inflation, a tool for macroeconomic resilience, and a source of long-term capital appreciation.
The company’s strategy closely resembles that of MicroStrategy, a software developer based in Tysons Corner, Virginia.
MicroStrategy made headlines in 2020 when it announced its intention to accumulate bitcoin as part of its corporate treasury holdings.
Since then, MicroStrategy’s stock price has frequently mirrored the fluctuations in Bitcoin’s value, reflecting investors’ sentiment toward the cryptocurrency market.
Presently, MicroStrategy holds the largest corporate bitcoin reserves, with
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