Japan’s MicroStrategy Continues Aggressive Bitcoin Acquisition Streak
Metaplanet, Japan’s MicroStrategy, has purchased an additional 108.786 Bitcoin for roughly $6.7 million, according to a recent announcement by CEO Simon Gerovich.
The publicly traded company already holds $40.6 million worth of Bitcoin, according to recent data.
Bitcoin is changing hands at $63,419 after adding 2.3% over the past 24 hours, according to CoinGecko data.
The Tokyo-based investment advisor initially adopted a MicroStrategy-style Bitcoin investment strategy back in May.
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The shares of Metaplanet are up more than 10% following the most recent Bitcoin purchase.
Earlier this month, Gerovich predicted that every institution in the world would eventually end up having Bitcoin on its balance sheet. “It’s not a matter of if, but when,” he added.
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Recently, Metaplanet collaborated with SBI VC Trade, a subsidiary of Japanese financial behemoth SBI Group, for Bitcoin trading and custody.
According to a recent report by River Financial, businesses currently hold more than 3% of Bitcoin’s total supply.
Unsurprisingly, US-domiciled companies account for nearly half of all corporate Bitcoin holdings. However, Metaplanet’s example shows that this trend might be picking up some steam around the globe.
According to River, accounting and tax treatment are the main concerns of the companies that hold Bitcoin. Custody, trading risks, and regulatory uncertainty have also emerged as the key hurdles to broader corporate Bitcoin adoption.
Still, River is convinced that corporate Bitcoin adoption could eventually accelerate in the coming years. According to its optimistic scenario, US companies are expected to convert more than $10 billion into the flagship cryptocurrency in less than two years.
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