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Japanese company Metaplanet plans to invest more in BTC amid its stunning stock growth. Japan’s Metaplanet bought 250 million yen of Bitcoin.
The Bitcoin buying strategy propels Metaplanet into top performing stock status.
Japan-based Metaplanet has announced plans to buy ¥250 million (roughly $1.6 million) in additional bitcoins.
The move has been approved by the company’s board of directors and continues Metaplanet’s aggressive strategy to buy Bitcoin.
According to Digital Currency, after the completion of this purchase, Metaplanet’s Bitcoin assets will increase significantly from its current 117.72 Bitcoins. And its value reaches 1.2 billion yen ($7.7 million).
Earlier this year, the company announced Bitcoin as a core treasury asset. Metaplanet said its first and last approach is Bitcoin.
At the time, the company announced that it would launch several financial options to accumulate bitcoins instead of holding the weakening yen.
Metaplanet also outlined its approach to managing its Bitcoin reserves.
The company stated that any bitcoin purchased for long-term investment is recorded in its purchase price. For short-term purchases, Bitcoin is revalued quarterly based on market value.
The institute added that any unrealized gains or losses from these short-term assets are listed as non-operating income in the income statement. This approach ensures transparency and accurately reflects market changes.
Meanwhile, Metaplanet’s strategic focus on Bitcoin has boosted its stock significantly, according to Google Finance data. In the year-to-date metric, Metaplanet shares are up 287%.
Last week, Metaplanet’s share price rose to 93 Japanese yen. Its stock reached a market value of one billion dollars. Dylan LeClair, Director of Bitcoin Strategy
