Metaplanet Inc. (TSE Standard: 3350), a Japanese publicly traded company, has announced a significant enhancement to its Bitcoin holdings. In a recent board of directors meeting, the company resolved to purchase an additional ¥250 million, currently worth $1.6 million USD, worth of Bitcoin.
JUST IN: ?? Japanese public company Metaplanet to buy another ¥250 million worth of #Bitcoin pic.twitter.com/YmRDiLl02z
— Bitcoin Magazine (@BitcoinMagazine) May 28, 2024
Metaplanet has recently outlined its approach to managing their Bitcoin. The company also stated that Bitcoins acquired for long-term purposes will be recorded at cost, ensuring stable accounting treatment over time. Conversely, Bitcoins held for short-term purposes will be revalued quarterly at market value. Any unrealized gains or losses from these short-term holdings will be recorded in the non-operating income section of the income statement, providing transparency and aligning with market fluctuations.
This strategic purchase follows a series of similar moves by companies globally, underscoring the growing acceptance of Bitcoin as a strategic and valuable asset class. Metaplanet also acquired an additional 19.87 BTC earlier this month for a purchase price of 200 million yen.
For further information on Metaplanet, additional details can be found on its website here.