Recently, the Japanese listed company Metaplanet (3350.T) announced another increase in its Bitcoin holdings, marking their second consecutive public purchase. This move has led many crypto players to think of the American company MicroStrategy. Here is a brief analysis of this operation:

1. Background Overview:

Metaplanet was originally a relatively obscure Japanese company, mainly engaged in hotel and real estate business, but has recently made a clear pivot: incorporating Bitcoin into its core financial strategy.

Their logic is:

• Hedge against yen depreciation and inflation

• Enhance corporate valuation and capital attention

• Capture BTC's long-term upward potential

2. Details of the Increased Holdings (as of now)

• **First Purchase:** In early April, purchased 1 Bitcoin

• **Recent Increase:** Added 19 Bitcoins, bringing total holdings to 20 Bitcoins, valued at approximately 120 million yen (about 800,000 USD)