Metaplanet plans to cooperate with leading Japanese industry stakeholders to support its Bitcoin acquisition strategy.
Japan-based company Metaplanet has partnered with SBI VC Trade, the crypto trading arm of Japan’s famous financial services company, SBI Group, and a partner of renowned blockchain firm Ripple Labs. Metaplanet has headed crypto adoption in Japan by adopting bitcoin as a reserve asset and significantly acquiring the crypto asset under different market conditions, earning it the title “Japan’s MicroStrategy.”
Metaplanet Partners with SBI VC Trade
Beginning Monday, Metaplanet has thrilled its investors with the news of a strategic partnership with SBI VC Trade, which it believes will be a remarkable upgrade to its bitcoin accumulation plan.
Following the partnership, Metaplanet’s CEO Simon Gerovich, alongside SBI VC Trade, affirmed that the collaboration is meant to advance Metaplanet’s bitcoin trading, storage, and management. Additionally, the partnership will help Metaplanet prioritize tax efficiency and offer the potential to utilize Bitcoin as collateral through a compliant corporate custody service.
As stated in its official announcement, the “collaboration is part of our ongoing effort to engage with leading industry stakeholders in Japan who support our corporate Bitcoin accumulation strategy.” Thus, Metaplanet plans to partner with other crypto-inclined companies in Japan to strengthen its Bitcoin adoption and acquisition.
Metaplanet’s collaboration with SBI VC Trade will boost bitcoin adoption among Japanese citizens and attract other Asian crypto-enthusiastic firms to follow in the same footsteps.
Metaplanet’s Bitcoin Journey
Due to the fiscal crisis within the Japanese system, the native currency, Yen, has become volatile and devalued, jeopardizing companies that adopted it as a reserve asset. Metaplanet adopted bitcoin as its primary reserve asset to safeguard itself from the effects of inflation.
Following the switch in May, Metaplanet adopted a “bitcoin-first, bitcoin-only” strategy and has taken visible steps to stick to it. As revealed in August, the company has borrowed about $6.8 million from one of its shareholders to acquire bitcoins. The company believes it will recover the required amount to repay the loan with interest from its acquired bitcoins.
Following its last Bitcoin purchase of $3.4 million in August, Metaplanet holds approximately 303 BTC worth over $17 million.
According to live data from CryptocurrenciesToWatch, bitcoin trades at $57,945 at press time.
