MetaPlanet, formerly known as Red Planet Japan, was originally an operator of budget hotels in Japan, and then retrained into an organization focused on the Web3 and metaverse sectors. In April 2024, MetaPlanet announced plans to add bitcoins to its investment portfolio by partnering with Sora Ventures and UTXO Management. In addition, MetaPlanet cooperates with Morgan Creek Capital CEO Mark Yusko.
The management of MetaPlanet called the purchase of bitcoins an attempt to protect themselves from the weakening of the Japanese economy, since the country has one of the highest debt-to-gross domestic product ratios in the world. In addition, the Japanese yen reached a 34-year low against the US dollar, which required intervention from the Central Bank of Japan. MetaPlanet stated that investing in bitcoin will help the company withstand the economic crisis and the depreciation of the state currency.
"This strategic decision is driven by the need to mitigate the currency risks of the yen associated with Japan's fiscal policy. We also have the opportunity to benefit from bitcoin, as it is increasingly entrenched on the balance sheets of international companies," said MetaPlanet.
Recall that in March, the American software company MicroStrategy also additionally acquired 9,245 BTC for $ 623 million. MicroStrategy began buying bitcoins in August 2020, and has now become one of the largest public holders of bitcoin in the world.