Metaplanet's Bitcoin Strategy Disrupts the Tokyo Stock Exchange

Metaplanet’s Bitcoin Strategy Disrupts the Tokyo Stock Exchange

Updated: 30 May 2024

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Metaplanet Inc., often referred to as “Japan’s MicroStrategy” on Crypto Twitter, has experienced unprecedented success on the Japanese stock market last week. The company has adopted a Bitcoin accumulation strategy similar to that of MicroStrategy, resulting in a significant increase in its stock value.

Adopting MicroStrategy’s Playbook, Metaplanet’s Stock Soars Amid Aggressive Bitcoin Accumulation

Since the beginning of the week, Metaplanet’s stock price has surged, rising 50% over the past two days. The stock moved from 41 JPY at Monday’s close to 90 JPY by Wednesday. This rapid increase marks two consecutive trading sessions where Metaplanet has achieved the maximum daily gains allowed by the Tokyo Stock Exchange (TSE).

Dylan LeClair, Metaplanet’s Director of Bitcoin Strategy, explained the company’s new primary corporate objective: to accumulate as much Bitcoin as possible. “We believe this to be the most valuable thing we can do for our shareholders,” LeClair said. He emphasized that Metaplanet will explore various options for acquiring additional Bitcoin, including any opportunities in capital markets that are viewed as beneficial.

On Monday, Metaplanet announced an opportunity to increase its number of authorized shares by 300%, a tactic previously used multiple times by MicroStrategy. By selling new shares, the company can raise funds to buy more Bitcoin. This move effectively turns Metaplanet into a Bitcoin ETF for Japanese investors, but without any fees.

LeClair further stated, “We plan to continue buying Bitcoin, no matter the short-term exchange rate fluctuations, given the asset’s absolute scarcity; a stark contrast to the reality of perpetually weakening political currencies.” Over the past year, Bitcoin has appreciated 193% against the JPY, hitting a new all-time high against the devaluing currency on Monday.

The company’s stock price saw an immediate and dramatic increase after it announced its Bitcoin treasury strategy last month. Metaplanet’s market capitalization soared from 2 billion JPY (approximately $13 million) in early April to 14.63 billion JPY (around $93.4 million) today.

Mark Yusko, CEO and CIO of Morgan Creek Capital and a member of Metaplanet’s Board of Directors, expressed his support for the company’s strategy on Wednesday. “When it comes to Metaplanet, just like with Bitcoin, the best strategy is to just buy it,” he tweeted.

Metaplanet’s bold move has clearly paid off, positioning the company as a key player in the Bitcoin investment space and drawing significant attention from investors.

Metaplanet has been halted at a max daily gain of +¥30 (+50%), and for the second day in a row, is the best performing stock in Japan. 🇯🇵#TSE3350 $BTC pic.twitter.com/Y9F8IAsyyR

— Dylan LeClair 🟠 (@DylanLeClair_) May 22, 2024

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