Metaplanet Purchases Another 20 Bitcoin, Bringing Total Tally to 161 BTC
Japanese investment firm Metaplanet has announced the acquisition of over 20.2 Bitcoin as part of its ongoing strategy to bolster its BTC holdings.
In a statement released on its website, the Tokyo-based firm revealed that it had invested 200 million yen (equivalent to $1.2 million) to acquire the additional BTC, bringing its total holdings to 161.3 BTC.
Shortly after the close of trading on the Tokyo Stock Exchange, the company shared news of the purchase on its social media account, X.
*Metaplanet purchases additional 20.20 $BTC* pic.twitter.com/4tCRWAc2an
— Metaplanet Inc. (@Metaplanet_JP) July 1, 2024
Just last week, Metaplanet outlined its intention to expand its bitcoin holdings with a $6 million investment.
The money for its purchase will come from a recent bond sale.
Metaplanet, known as “Asia’s MicroStrategy,” said its Bitcoin holdings designated for long-term holding will be recorded at their acquisition cost. These are exempt from taxation based on end-of-term market value assessments.
Further, it added that other Bitcoin holdings will be evaluated at market prices each quarter. Any gains or losses from these evaluations will be recorded under non-operating income or expenses.
Back in April, Metaplanet revealed its decision to incorporate Bitcoin into its treasury assets due to several factors.
Firstly, it aims to minimize its exposure to the Japanese yen, which has been significantly impacted by Japan’s low-interest-rate environment.
The company has also expressed concern about the yen’s vulnerability and highlighted Bitcoin’s potential as a hedge against inflation, a tool for macroeconomic resilience, and a source of long-term capital appreciation.
It is worth noting that the decision to add Bitcoin to its reserve
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