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Massive Backing for Bitcoin from Asia’s MicroStrategy!
Metaplanet Inc., a prominent Japanese investment powerhouse, is gearing up for a fresh Bitcoin acquisition.
Authored by:
Elif Azra Güven
24.06.2024 – 11:42
Update:
5 seconds ago
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Metaplanet Inc., a well-known Japanese investment powerhouse that has included Bitcoin in its reserve assets, is getting ready to make a new BTC purchase.
As reported by The Block, Metaplanet is set to buy 1 billion yen ($6.26 million) worth of Bitcoin using the funds raised through an upcoming bond issuance.
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Following this announcement, the stock price of Metaplanet surged by 12.2% in the morning hours.
In their statement, the company mentioned that the funds gathered will be utilized for the purchase of Bitcoin, stating the following:
“Metaplanet Inc. hereby announces that its Board of Directors has decided to acquire 1 billion yen worth of Bitcoin as of today’s meeting.
The Bitcoin holdings will be accounted for at cost for those planning to keep it for the long term, exempt from end-of-period market value assessment tax.
Other Bitcoin assets will be valued at market value every three months, and any valuation gains or losses will be recorded as non-operating income or expenses on the income statement.”
Lastly, the company emphasized that their primary strategy is to hold Bitcoin for the long run.
*This does not constitute investment advice.
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