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Metaplanet, a Japanese venture capital firm, has collaborated with SBI VC Trade, the crypto arm of financial services behemoth SBI Group. Interestingly, Metaplanet will leverage SBI’s secure services, such as tax efficiency, trading assistance, and other operations.
Metaplanet, the Japanese Microstrategy
Above all, the crypto trading company is set to support the investment firm’s ongoing efforts to strengthen its corporate Bitcoin holdings. The Tokyo-listed public firm disclosed in a public announcement earlier today that this partnership aligns with its strategy to become a modern financial services provider and engage with key industry players in Japan.
Notably, SBI VC Trade is quite popular for its groundbreaking innovations and advancement in the crypto industry. In April, the crypto exchange launched a new possibility for crypto enthusiasts to earn passive income when holding Shiba Inu (SHIB), Bitcoin (BTC), and Bitcoin Cash (BCH). It is looking to expand its foothold with Metaplanet.
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Metaplanet CEO Simon Gerovich, in an X post, said teaming up with the trading platform is set to expand the firm’s financial opportunities. In addition, it was revealed that any notable financial effects or important progress arising from this collaboration would be announced in due time.
Like MicroStrategy, Metaplanet has been accumulating Bitcoin as part of its investment approach. This bullish Bitcoin accumulation has attracted considerable attention from market watchers, leading the firm to be dubbed “the MicroStrategy of Asia.”
The company’s choice to invest in Bitcoin was influenced by economic factors, such as the depreciation of the Japanese Yen and other significant market conditions.
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Metaplanet Bitcoin Reserve Grows
The investment firm has been relentlessly growing its Bitcoin holdings by seizing various market opportunities. This comes after the firm designated the cryptocurrency as its primary treasury reserve asset. By incorporating the digital asset into its reserves, the firm revealed it has been able to hedge against inflation and currency devaluation.
The firm achieved its target of accumulating ¥1 billion worth of BTC in July. So far, Metaplanet has accumulated 360 BTC (equivalent to $207 million). Also, the firm has recorded an exponential growth in its shares. Currently, its shares are trading at approximately $8.35, reflecting a 662% increase thus far this year.
Bitcoin Sees Increased Adoption Amid Market Offset
Many crypto investors, exchanges, and institutional investors are optimistic about holding Bitcoin as they diversify their holdings.
They are confident that digital assets hold significant promise compared to other investment assets. Meanwhile, some crypto traders are cautious, seeking alternative opportunities within the altcoin markets.
According to CoinMarketCap data, the price of Bitcoin was trading at $58,388.69, up by 0.50% in the past 24 hours at the time of writing. Market watchers recently predicted it must avoid breaking below $56,000 to chart a good rebound path forward.
