Metaplanet Set To Acquire an Additional ¥250 Million in Bitcoin

Metaplanet Inc. (TSE Standard: 3350), a publicly traded company in Japan, has announced an increase in its Bitcoin holdings. 

During a recent board of directors meeting, the company decided to purchase an additional ¥250 million worth of Bitcoin, equivalent to approximately $1.6 million USD.

The company has outlined its strategy for managing these Bitcoin assets. Bitcoin that are acquired for long-term purposes will be recorded at their purchase cost, ensuring consistent accounting treatment. 

In contrast, Bitcoin held for short-term purposes will be revalued quarterly at market value, with any unrealized gains or losses from these holdings recorded in the non-operating income section of the income statement. 

This approach aims to provide transparency and reflect market fluctuations.

This acquisition is part of a broader trend of companies globally recognizing Bitcoin as a strategic asset. Earlier this month, Metaplanet also purchased 19.87 BTC for ¥200 million.