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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Read More: Metaplanet to Buy Another ¥250 Million Worth of Bitcoin
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