Metaplanet, a Japanese investment firm, has gained visibility for implementing the same bitcoin (BTC) accumulation strategy as the American software company, MicroStrategy (MSTR).
It is worth clarifying that “Japanese MicroStrategy” is just a comparison, but there is no relationship between the two companies.
At the moment, Metaplanet has 1,762 BTC in its treasury and projects to have a holding of 10,000 BTC by the end of 2025.
As CriptoNoticias has reported, the firm’s directors indicated that the objective of carrying out this initiative is to enhance “shareholder value through the strategic and perpetual accumulation of BTC.”
Beyond the visibility that the firm has acquired recently, Damian Mark, lawyer and financial markets analyst, explains that he finds “no reason for investors to acquire shares of the Japanese company at that time.”
For him, an investor should consider the possibility of acquiring the currency created by Satoshi Nakamoto directly, instead of buying shares of a firm like Metaplanet. Furthermore, he says:
“This type of analysis on management is unnecessary if the investor chooses to acquire BTC directly. Furthermore, management could put its own interests before the interests of shareholders. Buying BTC directly avoids that risk.”
Damian Mark, lawyer and financial markets analyst.
Likewise, it highlights that bitcoin is already a volatile asset in itself, but investing in a company that uses financial leverage to accumulate BTC increases that volatility even more. Although he does not mention it directly, this risk also applies to MicroStrategy, which has accumulated large amounts of debt to finance its BTC purchases.
The author points out that Metaplanet is promoting various initiatives to promote BTC adoptionsuch as the launch of a magazine and the offer of benefits for its shareholders, among other plans.
However, for him, the big drawback he faces is the difficulty in standing out from his most direct competitors like MSTR.
In principle, because it has a low trading volume in the US markets, which limits its attractiveness for investors. Different from the firm run by Michael Saylor, which recently entered the Nasdaq 100, a United States stock index that includes the hundred most relevant non-financial companies listed on its stock exchange.
Mark also emphasizes that Metaplanet operates as a foreign company in the US markets, meaning it is not subject to the same laws that apply in that country, which increases its perception of risk.
The Japanese firm also operates in yen, one of the currencies that has depreciated the most in the last five years with respect to the dollar, as seen in the following graph. TradingView.
For Mark, this represents a significant currency risk for its operations and shareholders.
Finally, Mark highlights that, although Metaplanet is listed on the OTCQX market in the United States, it faces difficulties in standing out, mainly due to its exposure to the yen and its limited track record, which reduces its attractiveness to investors.