Japanese microstrategy Metaplanet announces another purchase of 300 million yen worth of Bitcoin, leading to a nearly 5% increase in its stock price.

The Japanese listed company Metaplanet recently announced that it has exercised its subscription rights to raise funds amounting to 299 million yen, which will be used to purchase Bitcoin; the next day, the CEO of Metaplanet stated on X that they have purchased 38.464 Bitcoins at a total cost of approximately 300 million yen.

Metaplanet Makes Another Bitcoin Purchase

Following in the footsteps of MicroStrategy, the U.S. software company that holds the most Bitcoin globally and has incorporated Bitcoin into its balance sheet, a Japanese publicly traded company, Metaplanet, is also actively following suit.

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Recently, Metaplanet has exercised its 11th subscription right and indicated that the shares are expected to be distributed after September 18, 2024. Metaplanet stated that the fundraising was completed on September 9, 2024, and the funds will be used to purchase Bitcoin.

The fundraising targets high-level executives at Metaplanet, including CEO and Director Simon Gerovich, COO Yoshimi Abe, and CFO Yoshihisa Ikurumi.

Details of the subscription rights exercise are as follows:

• Total number of rights issued: 18,166,930
• Number of rights acquired by each exerciser: 540,000 (2.97%)
• Total amount acquired through exercise: 299.7 million yen

The day after the announcement, they purchased 38.464 Bitcoins, totaling 300 million yen. As of September 10, Metaplanet holds approximately 398.832 Bitcoins, with a total investment of 3.75 billion yen.

Japanese company Metaplanet announces another Bitcoin purchase, stock price surges more than tenfold this year

At the time of writing, its stock price has risen by 4.62% today, while Bitcoin has gained about 3.5%:

Tax Reduction Strategies Likely the Primary Motivation for Metaplanet

Due to the lower tax rate for buying and selling stocks in Japan compared to cryptocurrencies, purchasing Metaplanet stocks instead of Bitcoin directly may offer tax advantages. Additionally, there is an expectation that the stock may fluctuate with the price of Bitcoin, and with existing revenue from physical industries, it may help mitigate Bitcoin's volatility.

Why is Japan's crypto tax system advantageous for the Japanese version of MicroStrategy, Metaplanet's stock price?