According to the Financial Times, Japanese hotel group Metaplanet has announced plans to purchase $5 billion of Bitcoin. The company is following Michael Saylor’s strategy and becoming a corporate cryptocurrency bank. Metaplanet also decided to increase its Bitcoin treasury by over 20 times, approximately 210 thousand units of the cryptocurrency by 2027.
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On Monday, Metaplanet’s shares rose 15.1% on the Tokyo Stock Exchange. Profit also increased to 8,850 in the last two years, a major transformation that has driven the focus from the hotel industry to the bitcoin reserve. The strategy also reached a market value of $104 billion, striking the combined price of the 580,000 shares bought by investors who bet on the value of the company’s bitcoin cash will grow and increase faster before the company dilutes its shares.
The company also decided to rename the hotel, which it owns and operates in the Japanese capital, to The Bitcoin Hotel, which will open in 2026.
