Japanese Giant Lib Work Buys 29.64 BTC, Boosting Japan's Corporate Crypto Adoption
Japanese real estate and construction giant Lib Work Co., Ltd. has made waves in the crypto world by purchasing 29.64 BTC, becoming one of the few companies in Japan's construction sector to own bitcoin. The company has allocated 500 million yen for cryptocurrency investments, with the first transaction acquiring 29.6431 BTC for 16.87 million yen. The fair market value of these bitcoins now stands at 551.36 million yen, a significant increase from the initial purchase price.
Lib Work's foray into the crypto market signals a broader shift among Japanese corporations towards balancing innovation, financial caution, and digital prospects. The company, renowned for its sustainable development practices, is considering purchasing other cryptocurrencies, including stablecoins and a broad range of digital assets, as part of its long-term diversification strategy. This move reflects the growing institutional trust in bitcoin as a value preservation tool, with Lib Work valuing its bitcoin holdings at fair value quarterly, reflecting gains or losses in its financial results.
Unlike other Japanese real estate and construction companies, Lib Work has not announced plans to further integrate digital currencies or stablecoins into its assets. However, its bitcoin purchase extends the growing trend of corporate bitcoin adoption in Japan, following Metaplanet Inc.'s earlier BTC purchases.
Lib Work's bitcoin purchase, valued at 551.36 million yen, has yielded a profit of 51.36 million yen. The company will disclose information about future significant cryptocurrency transactions that could notably impact its financial results. As one of the few Japanese construction companies to own bitcoin, Lib Work continues to demonstrate its commitment to innovation and sustainable development in the ever-evolving digital landscape.
