Metaplanet, a major Japanese Bitcoin investor often dubbed as “Japan’s MicroStrategy,” is teaming up with Ripple’s (the company behind XRP) banking partner. Metaplanet CEO Simon Gerovich announced today on Twitter that Metaplanet has entered into a strategic partnership with SBI Group.
SBI Group will help Metaplanet manage their Bitcoin reserves.
“This collaboration is part of our ongoing efforts to collaborate with industry leaders in Japan who will help us accumulate more Bitcoin as a company,” the publicly traded Metaplanet wrote in the official announcement.
Japan’s MicroStrategy also writes that a key element of the partnership is access to a custodian that “prioritizes tax efficiency and the potential to use Bitcoin as collateral for financing.”
Like MicroStrategy, Metaplanet wants to use the purchased Bitcoin as collateral for future loans. In this way, they want to borrow more money based on their Bitcoin in order to then buy even more Bitcoin.
“As our inventory increases, we intend to evaluate various tools and strategies that will enhance our financial flexibility. Any impact on our financial position or other matters arising from this partnership will be announced immediately.”
Help with Bitcoin trading and storage
According to SBI’s official announcement about the partnership, they will help Metaplanet not only buy Bitcoin, but also store it. “With a focus on Bitcoin’s rarity and non-political monetary policy, Metaplanet decided to adopt Bitcoin as a major financial asset and accelerate Bitcoin accumulation by lending money and selling shares,” SBI wrote.
Furthermore, SBI will also help Japanese MicroStrategy in the area of taxes. For example, there seems to be a rule whereby corporate profits on Bitcoin are not taxed. As such, the choice for Bitcoin can also yield tax advantages for Metaplanet.
In addition, the company is now also receiving a lot of media attention.
For the stock, that was not a bad choice. Because since the beginning of 2024, Metaplanet is up 662%. These are returns that even Bitcoin can’t match (by a long shot).
In that regard, it seems quite lucrative for companies (or at least shareholders) to switch to a Bitcoin standard.
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Source: https://newsbit.nl/japanse-versie-van-microstrategy-werkt-samen-met-bankpartner-van-ripple/
