Publicly listed Japanese company Metaplanet announced today that it has added 19.87 BTC, worth $1.2 million, to its stash. The company shelled out around $64,699 per Bitcoin. Listed on the Tokyo Stock Exchange, the investment firm recently adopted the Bitcoin strategy to boost value for shareholders over the long term.

Bitcoin is now MetaPlant’s primary treasury reserve asset. This means, all surplus cash will be diverted towards BTC investments. Over the past day, the company’s stock has risen by 3.45%, while on the YTD frame, it is up by 87.5%.

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Metaplanet’s Total Holdings Surpass 100 BTC

The company recently hired analyst Dylan LeClair as the Director of Bitcoin Strategy to help lead the efforts. Pursuant to his role, LeClair will hatch the corporate Bitcoin strategy using market tools and notch up the asset’s position in the company’s balance sheet. As of press time, Metaplanet held a total of 117.72 BTC bought at an average price of $65.47k per coin.

Under DeClair’s leadership, the company is looking to underline the pros of holding Bitcoin over other fiat or political currencies, like the yen, that are subject to structural fragility. In fact, in a recent update to shareholders, the company asserted that the yen has been damaged by Japan's generation-long low-interest-rate environment. That, in turn, has tarnished its position as a key global currency. Highlighting three reasons why Bitcoin was the go-to choice, Metaplanet highlighted,

"The Company’s decision to incorporate Bitcoin into its treasury assets is driven by a multifaceted understanding of its potential as a hedge against inflation, a tool for macroeconomic resilience, and a basis for long-term capital appreciation."

Several have already started calling Metaplatnet the ‘MicroStrategy of Asia,’ and addressing the Director as ‘Dylan Saylor’ and ‘Saylor 2.0’. MicroStrategy, the US-based Business Intelligence company, started investing in BTC in 2020 and currently holds over $13.5 billion in its reserves. In fact, its stock price has more or less been moving in tandem with BTC’s price.

As highlighted above, Metaplanet’s stock has been faring well on the short-term front. However, when zoomed out further, it seems to be in dire straits. Around five years back, it traded around 140 yen and is now down by around 75% from the said level. Perhaps, just like how Bitcoin became MicroStrategy’s saving grace, it could also help Metaplanet stand back on its feet.

The Web3 infrastructure company - which was once known as Red Planet and functioned as a hotel operator - now also provides consultancy services to other businesses looking to adopt Bitcoin. As of press time, the largest crypto asset was trading at $63.2k, noting a minor 3% recovery over the past day.