Japanese company MetaPlanet bought $1.2 million worth of bitcoins

In April 2024, MetaPlanet revealed plans to add bitcoins to its investment portfolio by partnering with Sora Ventures and UTXO Management. MetaPlanet is also partnering with Morgan Creek Capital CEO Mark Yusko.

MetaPlanet's management called the purchase of bitcoins an attempt to protect itself from the weakening Japanese economy, as the country has one of the highest debt-to-gross domestic product ratios in the world. In addition, the Japanese yen has reached a 34-year low against the U.S. dollar, which required intervention from the Japanese Central Bank. MetaPlanet said investing in bitcoin will help the company withstand the economic crisis and the depreciation of the nation's currency.

“This strategic decision is driven by the need to mitigate yen currency risks associated with Japan's fiscal policy. We also have an opportunity to capitalize on bitcoin as it becomes increasingly entrenched on the balance sheets of international companies,” MetaPlanet said.

Recall that in March, US software company MicroStrategy also additionally purchased 9,245 BTC worth $623 million. MicroStrategy began buying bitcoins in August 2020, and has now become one of the largest public holders of bitcoin in the world.