Metaplanet to invest additional ¥250 million in Bitcoin amid staggering stock growth
Japan-based Metaplanet has announced plans to purchase an additional ¥250 million (approximately $1.6 million) worth of Bitcoin.
The move has been approved by the companys board and continues Metaplanets aggressive Bitcoin acquisition strategy.
Once this purchase is completed, Metaplanets Bitcoin holdings will increase significantly from its current 117.72 BTC valued at ¥1.2 billion ($7.7 million).
Earlier this year, the firm declared Bitcoin a core treasury asset and said it would prioritize a Bitcoin-first and Bitcoin-only approach.
At the time, the company stated that it would initiate several financial options to accumulate BTC instead of holding on to the weakening yen.
Bitcoin management strategy
Metaplanet also outlined its approach to managing its Bitcoin holdings.
The company stated that any Bitcoin acquired for long-term investment will be recorded at its purchase cost. For short-term acquisitions, Bitcoin will be revalued quarterly based on market value.
It added that any unrealized gains or losses from these short-term holdings will be listed under non-operating income on the income statement. This approach ensures transparency and accurately reflects market changes.
Meanwhile, Metaplanets strategic focus on Bitcoin has significantly boosted its shares, according to Google Finance data. On the year-to-date metric, Metaplanets shares have surged by 287%.
Last week, Metaplanets share price climbed to 93 Japanese yen, nearing a $1 billion market cap. Dylan LeClair, the director of Bitcoin strategy, emphasized this achievement, noting that Metaplanet has been Japans top-performing stock for two consecutive days.
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Text source: CryptoSlate
