Japanese Firm Metaplanet Adopts Bitcoin as Treasury Reserve, Stock Price Doubles

• Metaplanet, a Japanese investment firm, announced plans to adopt Bitcoin as its "core treasury reserve asset", causing its stock price to double • The company has already deployed $6.56 million toward Bitcoin, representing nearly half its market capitalization • The move is being compared to MicroStrategy's Bitcoin adoption, which caused its stock to rise almost 1000% since August 2020 • Metaplanet's Bitcoin adoption aims to enable Japanese investors to gain Bitcoin exposure without high taxes or regulatory risks • The company's business ranges from investing to real estate to Web3 consultation, but has not indicated plans to buy other cryptocurrencies