The Japanese AI company quantum solutions are set to start investing in Bitcoin (BTC) through its Hong Kong-based subsidiary, GPT PALS Studio, the company said in a press release.
The decision, which was approved at a board meeting on July 23, includes plans to initially buy up to $ 10 million in BTC using borrowed funds. The company aims to build a treasury of up to 3,000 BTC, which is currently worth around $ 354 million over the next 12 months.
The company quoted depreciation of Fiat currency such as yen and rising global economic uncertainty as key drivers behind the go. Until now, neither GPT nor any of its subsidiaries had included digital assets in their balance.
“To effectively manage excess funds generated from existing companies, diversify our asset portfolio to strengthen our financial base, maintain the value over the long term and reduce currency risks, we have decided to add bitcoin to our reserve assets,” the company wrote.
This new business line is managed by a phase investment policy and a dedicated account on Crypto Exchange Hashkey.
Bitcoin state boxes have grown in Japan as the country’s bond yield continues to rise. Metaplanet, Japan’s largest Bitcoin Ministry of Finance, currently has 16,352 BTC on its balance, and the number of companies in the country holding cryptocurrency has been on the rise.
These now include Nexon, Remixpoint, Conden, SBC Medical Group Holdings, Anap Holdings and others, according to BitCintreasuries data. These companies have a total of 19,623 BTC.
The figure is still small compared to the total amount of the world’s largest corporate bitcoin -state company has, which has 607,770 BTC on its balance.
