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Metaplanet’s Aggresive Strategy Bitcoin Continues: Adds 20.195 BTC to Holdings

Last Updated July 1, 2024 2:41 PM
Eddie Mitchell
Last Updated July 1, 2024 2:41 PM
Key Takeaways
  • Metaplanet has purchased over 160 BTC since April 2024.
  • Sony will be restarting WhaleFin crypto exchange as S:BLOX.
  • Japanese institutional investors are calling for crypto regulation changes.

Japanese investment firm Metaplanet has invested $1.24 million into Bitcoin (BTC), its third acquisition since pivoting to Bitcoin in April this year.

Despite regulatory hurdles, Japan’s Web3 sector could soon unlock its latent potential as major institutions and industry players deepen their ties with Web3.

Metaplanet Buys BTC

As per a post from Tokyo-listed investment adviser firm Metaplanet, it has purchased an additional 20.195 BTC valued at 200 million Japanese Yen, or roughly $1.24 million.

Having initially specialized in real estate and hotel development, Metaplanet announced it would be pivoting its focus to Bitcoin investments in April 2024, causing its shares to soar by around 89%.

The firm has since aggressively invested in Bitcoin and has accumulated 161.2677 BTC tokens ($10.11 million) across three purchases since April 2024.

Web3 in Japan?

Japan’s institutions and industries are increasingly getting behind Bitcoin and Web3 in one way or another.

Tech behemoth Sony recently acquired crypto finance firm Amber Group, and will soon restart defunct crypto exchange WhaleFin under a new name, S.BLOX. With a market value exceeding $100 billion, this could signal a huge boost to Japan’s domestic crypto industry.

In March 2024, the world’s largest pension fund, based in Japan, revealed it was researching new investment strategies, which included Bitcoin. Following the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S., a survey found that over half of Japanese investment managers plan to invest in crypto over the next three years.

However, despite these developments and best intentions, Japan’s regulatory landscape is muffling the latent potential of its burgeoning domestic crypto scene.

Regulation Woes

Japan legitimized Bitcoin as a legal payment method and officially regulated cryptocurrency exchanges in 2017. However, the domestic industry participants operate in a cumbersome regulatory  environment.

Despite being home to two of the largest crypto exchanges (and hacks) in history, Japan’s decentralized finance (DeFi) sector failed to blossom compared to its Western counterparts.

There is a significant push from the nation’s institutions that are pressuring the government for access to crypto investment, but this would require regulatory adjustments.

Seemingly, until Japan’s government adjusts and scales its crypto policies, hopes of a spot crypto exchange-traded fund (ETF) and developments in the DeFi space remain stifled.

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