Japanese Construction Giant Lib Work Enters Crypto with Bitcoin Purchase
Japanese real estate and construction giant Lib Work Co., Ltd. has entered the crypto sphere, purchasing Bitcoin as part of its long-term investment strategy. The company, known for its tech-savvy and sustainable approach, bought 29.64 Bitcoin between August and September, marking a significant move for a construction firm.
Lib Work's Bitcoin journey began on August 8, culminating in a purchase of 29.6431 BTC on October 6, 2021. The company, based in Yamaga City, Kumamoto Prefecture, bought the cryptocurrency for approximately 499.99 million yen. As of now, the investment is valued at 551.36 million yen, indicating a profit of around 51.36 million yen.
The company's foray into Bitcoin aligns with a growing trend among Japanese corporations, balancing innovation with financial prudence. Lib Work, which plans to construct a 3D-printed house by 2025, is now one of the few construction companies in Japan to add Bitcoin to its balance sheet. SBI Holdings, a prominent Japanese financial services company, acquired a stake in Lib Work, facilitating the Bitcoin purchase.
Lib Work's Bitcoin holdings will be evaluated quarterly in accordance with generally accepted accounting principles. The company's strategy reflects a growing confidence in Bitcoin's value preservation at the corporate level. This move follows Metaplanet Inc., which led the trend of corporate Bitcoin investments in Japan earlier this year.
Lib Work's Bitcoin purchase signals a new era for Japanese construction companies, embracing digital assets as part of their investment strategy. With a significant profit already realized, the company's Bitcoin holdings are set to be regularly reviewed, reflecting a commitment to responsible crypto investment.
Read also:
- New $100,000 H-1B Visa Fee Sparks Legal Challenge, Fears of Rural Staff Shortages
- Germany Launches HoLa Project for Megawatt Charging on A2 Motorway
- Wallenius Wilhelmsen Leads Maritime Industry's Push to Net Zero Emissions by 2027
- Transforming Digital Inventories in the Food Industry: A Comprehensive Guide for Food Businesses
