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Metaplanet Shares Soar as Japanese Firm Mimics MicroStrategy on Bitcoin Buying

Metaplanet (3350), a Web3 infrastructure provider, saw its Tokyo-listed stock rise almost 90% in two days after saying it was adding $6.56 million in bitcoin (BTC) to its balance sheet in partnership with Sora Ventures, Morgan Creek Capital's Mark Yusko and others. The company, which started as a budget hotel operator under the name Red Planet before becoming a Web3 software developer, said it is looking to minimize its exposure to the Japanese yen. The yen, the company wrote in an update to shareholders, has been damaged by Japan's generation-long low-interest-rate environment that has eroded its position as a key global currency.

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