Metaplanet Inc. (TSE Standard: 3350), a publicly traded Japanese company, has announcement a significant improvement in its Bitcoin holdings. At a recent board meeting, the company decided to purchase an additional 250 million yen, currently worth $1.6 million, worth of Bitcoin.
JUST IN: 🇯🇵 Japanese state-owned company Metaplanet to buy an additional 250 million yen of #Bitcoin pic.twitter.com/YmRDiLl02z
– Bitcoin Magazine (@BitcoinMagazine) May 28, 2024
Metaplanet recently describe their approach to managing their Bitcoin. The company also stated that Bitcoins acquired for long-term purposes will be accounted for at cost, ensuring stable accounting treatment over time. Conversely, Bitcoins held in the short term will be revalued quarterly at their 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, ensuring transparency and alignment with market fluctuations.
This strategic purchase follows a series of similar moves by companies globally, highlighting the growing acceptance of Bitcoin as a strategic and valuable asset class. Metaplanet too acquired 19.87 additional BTC earlier this month for a purchase price of 200 million yen.
For more information on Metaplanet, additional details can be found on its website. here.