Japanese listed company Metaplanet Inc. (TSE ticker: 3350) announced a significant boost to its Bitcoin holdings. At a recent board meeting, the company decided to purchase an additional 250 million yen worth of Bitcoin, currently worth $1.6 million.
JUST IN: 🇯🇵 Japanese listed company Metaplanet makes additional purchases worth 250 million yen #Bitcoin pic.twitter.com/YmRDiLl02z
— Bitcoin Magazine (@BitcoinMagazine) May 28, 2024
Metaplanet recently outlined its approach to Bitcoin management. The company also stated that Bitcoin acquired for long-term purposes is recorded at cost, ensuring stable accounting over time. Conversely, Bitcoin held for short-term purposes is revalued to market value on a quarterly basis. Unrealized gains and losses resulting from these short-term holdings are recorded in the non-operating income section of the income statement to provide transparency and adjust for market fluctuations.
This strategic purchase follows a series of similar moves by companies around the world, highlighting Bitcoin’s growing acceptance as a strategic and valuable asset class. Metaplanet also acquired an additional 19.87 BTC for a purchase price of 200 million yen early this month.
More information about Metaplanet can be found on their website here.