As the third quarter of the year draws to a gradual close, more strategic partnerships are entering the crypto ecosystem. The latest is between the new Bitcoin-bull Metaplanet and Ripple Labs’ partner, SBI VC Trade Co.
These two Japanese entities have made headlines for inking a partnership to promote Bitcoin (BTC) management. On September 2, Metaplanet issued a communique to announce the new development and equally cited a key element of the partnership.
Metaplanet acknowledged that the move will help it engage with regional industry stakeholders who support its Bitcoin accumulation strategy. It also highlighted the access to a compliant corporate custody service that prioritizes tax efficiency. The Japanese investment firm also noted that this is an avenue to utilize Bitcoin as collateral for financing.
“This aligns with our vision of a modern financial services provider and adds flexibility to our corporate strategy, complementing our ongoing efforts in equity and debt financing,” Simon Gerovich, CEO of Metaplanet said.
He also stated that the impact on financials or material events arising from this partnership will be communicated accordingly.
The latest update hardly comes as a surprise, considering how intentional Metaplanet has been about Bitcoin. By borrowing a leaf from a business intelligence and software firm MicroStrategy, Metaplanet launched its Bitcoin accumulation strategy in May. This eventually earned it the title “Asia’s MicroStrategy.”
On August 13, Metaplanet confirmed the acquisition of ¥500 million (about $3.4 million) worth of Bitcoin. The purchase took its Bitcoin holdings to about 303 BTC, worth $18 million at the time of the last acquisition. Notably, this followed a loan acquisition of ¥1 billion that is meant just to strengthen Metaplanet’s Bitcoin portfolio and support its position for the next blockchain projects.
Barely a week after that purchase, it plunged another ¥500 million into BTC acquisition. Fortunately for the company, this sent its stock up 13%. This purchase added 57.273 BTC to Metaplanet’s holdings, bringing the total to 360.368 BTC. These bullish bets conclude that Metaplanet is keen on sustaining its BTC reserve strategy.
Japan Sees Improved Crypto Participation And Adoption
Generally, Japan is improving its footprint in the global crypto and blockchain industry. In the last few months, the region has seen some of the biggest and strategic collaborations in the burgeoning industry. Even some of its top institutional investors are entering the crypto landscape, suggesting a drastic shift in the crypto ecosystem in Japan.
In July, BitFlyer Holdings Inc. announced that it had acquired FTX Japan and made it a wholly-owned subsidiary. Yuzo Kano, the company’s CEO, said this move was a way of setting up the ground for crypto ETFs in Japan. Similarly, Franklin Templeton partnered with SBI Holdings to launch a crypto ETF management company in Japan.
As part of the region’s blockchain and Web3.0 expansion plans, CoinPost, Japan’s largest cryptocurrency and Web3 media outlet, recently organized WebX 2024, a global Web3 conference. The event saw the participation of the Japanese government and major corporations attempting Web3.0 expansion.
