Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin Regains $63K as Japan Public Firm Migrates to BTC-only Reserve

Bitcoin Regains $63K as Japan Public Firm Migrates to BTC-only Reserve

CoineditionCoinedition2024/05/13 18:25
By:Abdulkarim Abdulwahab
  • Metaplanet adopts Bitcoin as its main treasury asset in response to Japan’s economic challenges.
  • The company boasts a Bitcoin portfolio of 117.7 BTC worth $32.71 million.
  • Bitcoin value reclaimed $63K amid Metaplanet’s new BTC-only reserver policy.

Metaplanet, a Japanese public company listed on the Tokyo Stock Exchange, has unveiled a white paper detailing its decision to adopt Bitcoin as its primary treasury reserve asset. This strategic pivot comes as a response to Japan’s persistent economic challenges, which include high levels of government debt, enduring negative real interest rates, and a weakening yen.

Metaplanet’s white paper outlines a “Bitcoin-first, Bitcoin-only” approach, departing from traditional treasury management strategies. The company strongly believes in Bitcoin’s fundamental advantages over traditional currencies, other stores of value, and different crypto-assets. 

Furthermore, Metaplanet hails Bitcoin as an “absolutely scarce digital synthetic monetary commodity” with a fixed supply cap of 21 million coins. According to the paper, this feature sets Bitcoin apart from other monetary systems and commodities.

Contrary to widespread criticism, Metaplanet champions Bitcoin’s Proof-of-Work (PoW) consensus mechanism as a critical advantage. The white paper highlights the mining difficulty adjustment, which ensures that the cost of producing new bitcoins increases over time, as a unique attribute that distinguishes Bitcoin from traditional commodities.

Looking ahead, Metaplanet plans to leverage various capital market instruments to grow its Bitcoin reserves. This strategy seeks to protect the company’s balance sheet from the yen’s devaluation and establish Metaplanet as a forward-thinking investment vehicle on the global stage. 

By capitalizing on Japan’s unique position with low global capital costs, the company aims to enhance its competitive edge internationally. According to public records , Metaplanet holds 117.7 BTC, valued at $32.71 million. 
The news of Metaplanet migrating to a Bitcoin-only reserve has had a notable impact on the value of BTC. At press time, Bitcoin has increased by over 3% to reclaim the $63K threshold following the news.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!