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Metaplanet will invest an additional 250 million yen in Bitcoin amid stunning stock growth
Based in Japan Metaplanet announced plans to purchase Bitcoin worth an additional 250 million yen (about $1.6 million).
The move was approved by the company’s board of directors and continues Metaplanet’s aggressive Bitcoin acquisition strategy.
Once the purchase is completed, Metaplanet’s Bitcoin holdings will increase significantly from the current 117.72 BTC, worth 1.2 billion yen ($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 that time, the company declared which 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 said that any Bitcoin acquired for long-term investments will be recorded at the 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 in non-operating income on the income statement. This approach ensures transparency and accurately reflects market changes.
Meanwhile, Metaplanet’s strategic focus on Bitcoin has significantly boosted its shares, according to Google Finance data. Year to date, Metaplanet shares are up 287%.
Last week, Metaplanet’s share price rose to 93 Japanese yen, approaching a market capitalization of $1 billion. Dylan LeClair, director of Bitcoin strategy, highlighted this achievement, pointing out that Metaplanet has been Japan’s best performing stock for two consecutive days.