MicroStrategy in Japan has reached a new high today.

Aside from the last time I talked about why Japanese investors prefer to buy Bitcoin stocks rather than taking advantage of the tax arbitrage by buying Bitcoin itself, I later heard from colleagues in the Tokyo securities industry that there is another main reason, which is the NISA tax exemption system.

As long as the annual investment in stocks is below 2.4 million yen, you can avoid the 20% capital gains and dividend tax.

However, since Bitcoin and Ethereum are currently classified as asset-like commodities by the Japanese Financial Services Agency and do not fall under financial securities, they cannot be included in the NISA tax exemption scope.

This also means that if you are a retail investor and want to invest the equivalent of 100,000 RMB in yen to buy Bitcoin this year, it would be better to directly invest in Japanese stocks by finding the publicly listed company that holds the most Bitcoin and buying its shares directly.

This way, you can avoid taxes while indirectly holding Bitcoin.

If you want to invest a larger amount regularly, the tax rate difference between buying stocks and buying coins is also about 30%.

So now, when choosing between the two, everyone will mindlessly choose the former, which is Japan's version of MicroStrategy for Bitcoin.

Today, this company's stock saw an intraday increase of +20%, making it another day of heated discussion in the Japanese stock community.