Japanese investment company Metaplanet teamed up with SBI VC Trade in order to improve its Bitcoin acquisition strategies.
Metaplanet’s CEO Simon Gerovich posted on X on September 2, stating that this partnership is about “Bitcoin Trading and Custody.” According to the official document, Metaplanet has partnered with “leading stakeholders” in Japan to help Japan overcome its economic problems by acquiring Bitcoin.
Metaplanet is using SBI VC Trade, a publicly-listed platform that offers trading and custodial services to retail clients and institutions, as well as leveraged trading of cryptocurrencies with SBI.
Bitcoin Strategy Enhanced
SBI published the following in its official announcement:
Metaplanet’s focus has been on Bitcoin’s scarcity, its non-political nature, and the ability to accumulate it via debt or equity funding […] This partnership, as part of Metaplanet’s ‘Bitcoin First and Bitcoin Only’ strategic plan, will improve their abilities in trading, custodial, and managing Bitcoin.
Compliance and tax efficiency are the main focus of this partnership. SBI VC Trade adheres to the local crypto regulations.
Metaplanet is also introducing a “Service for Exclusion from End-of Period Valuation Taxation” that allows companies to escape corporate tax on gains unrealised at the end of the fiscal year.
Bitcoin is the focus of Metaplanet
Metaplanet, originally a Japanese budget hotel chain operating under the Red Planet name, has evolved into a Web 3 and Metaverse focused firm.
It adopted a strategy of “Bitcoin First” to bolster the treasury, citing Japan’s poor economic conditions and the Yen’s low level against the US Dollar for the past 34 years.
Metaplanet has now adopted Bitcoin as the primary asset in its treasury, after an initial investment amounting to 1 billion yen ($6,59 million approx.). Then, in July of this year, Metaplanet purchased an additional 245.99 BTC.
The company raised 10 billion yen in August through a rights offer to finance further Bitcoin purchases. It also secured a loan with MMXX Ventures to make additional purchases.
After a recent purchase of 57.273 BTC by Metaplanet, the total Bitcoins held has reached 360.368 BTC. These coins were purchased on average at a price of approximately $65,146 each.
The post Metaplanet Partners with SBI Group to Trade Bitcoin and Manage Bitcoin Custody may change as new information becomes available.
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