Web3 infrastructure provider Metaplanet, which announced its decision to add $6,56 million in bitcoin to its balance sheet, saw its shares on the Tokyo Stock Exchange rise nearly 90% in two days, CoinDesk said in a report. The company is looking to reduce its exposure to the Japanese currency, the yen, and embrace Bitcoin as its core treasury asset.
“Our transition to Bitcoin is a significant milestone in our mission to lead in the digital finance era and positions Metaplanet as a pioneer in the adoption of digital assets in Japan,” the company said in a statement on X.
Software developer MicroStrategy, which began investing in bitcoin as a corporate policy in 2020, is the largest corporate owner of bitcoins. Michael Saylor, Executive Chairman of MicroStrategy, vehemently supported his bitcoin position throughout the bear market.
Tether (USDT) recently announced its purchase of 8889 bitcoins worth $618 million in the first quarter (Q1) of 2024. With the latest purchase, Tether’s BTC holding rose to 75,354, equivalent to $5.2 billion.
Tether adopted a new investment strategy in May 2023. As part of this, the world’s largest stablecoin issuer committed to investing up to 15% of its net operating profit to buy bitcoins, which now holds a key place in its reserves portfolio.
