Metaplanet, a company listed on the Tokyo Stock Exchange, made headlines on April 8 by announcing its adoption of Bitcoin as a central treasury asset.

In a statement shared on April 8 via the social media platform X (formerly Twitter), Metaplanet revealed its decision to allocate ¥1 billion, equivalent to approximately $6.56 million, towards the primary digital asset. This strategic move signifies a significant shift in the company's financial strategy, aiming to embrace digital assets and pioneer innovation in finance.

According to the company, this transition to Bitcoin marks a notable milestone in its mission to lead in the digital finance era, positioning Metaplanet as a trailblazer in Japan's adoption of digital assets. The achievement was made possible through partnerships with notable entities such as venture capital firm Sora Ventures, Mark Yusko (CEO of Morgan Creek Capital), Jack Liu, and others.

As per data from Google Finance, Metaplanet's stock is currently trading at 19 JPY on the stock exchange, experiencing a 5% decline over the past five days.

This announcement follows a trend where lesser-known companies express intentions to explore Bitcoin. Last month, microcap company Nilam Resources unveiled plans to acquire 24,000 BTC, raising concerns in some quarters, with the company's former CEO, Ron McIntyre, reportedly criticizing it as a "classic pump and dump" scheme.

Described by Jason Fang, the founder of Sora Ventures, as "Asia's first MicroStrategy," Metaplanet's move is anticipated to offer Japanese investors exposure to Bitcoin without the burden of unrealized gains tax, which can be as high as 55%. Additionally, it presents an opportunity for individuals with accounts on the Tokyo Stock Exchange to access Bitcoin without encountering regulatory hurdles.

MicroStrategy, renowned as the largest public holder of Bitcoin globally, has seen immense success with its BTC investment. According to Saylortracker data, the business intelligence platform currently holds over 214,000 BTC, valued at approximately $15.3 billion.