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  • Writer's pictureBrandon Zemp

Japanese Firm to Increase Bitcoin Holdings with Bond Issuance

Japanese Firm to Increase Bitcoin Holdings with Bond Issuance

On Monday, Metaplanet Inc., a Japanese investment company, revealed that its board of directors had approved the acquisition of Bitcoin valued at approximately $6.26 million (1 billion Yen) using funds obtained from a recent bond offering. Following this announcement, there was a significant 12% surge in Metaplanet's stock price, reflecting positive reception from the community regarding the investment.

According to Metaplanet, Bitcoin held for the long term will be accounted for at its original cost, thus avoiding taxation based on its market value at the end of the term. Any other Bitcoin holdings will be assessed at market value every quarter, and any gains or losses in valuation will be included in the income statement as non-operating income or expenses.

It was emphasized by the company that Bitcoin will be classified as current assets in the financial reports at the end of the fiscal year. Previously, Metaplanet acquired BTC on April 23, May 10, and June 11. In its most recent purchase, the company obtained around 23.351 BTC. At present, Metaplanet's investment portfolio includes more than 141 BTC.

After the announcement, the Tokyo-listed company's stock price skyrocketed, increasing by more than 12% in just a few hours. Google Finance data shows that Metaplanet stock has risen by more than 8 Yen since the announcement, highlighting the community's backing of the decision.

Metaplanet's stock has increased by approximately 67% in value just within the last month, equivalent to a gain of 38 Yen. Since the initial BTC acquisition a mere two months ago, the company's stock has multiplied by five. Similar to other firms venturing into BTC, Metaplanet recognizes the investment opportunities presented by this asset. On average, Metaplanet's BTC acquisitions amount to $65,365, slightly exceeding the current BTC price of $61,300. Nevertheless, this figure remains more than $8,000 below the all-time high for BTC, which surpassed $73,000.

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