Japan’s MicroStrategy imitator in terms of Bitcoin acquisition, Metaplanet, an investment firm listed on the Tokyo Stock Exchange, has authorized the purchase of an additional 250 million Yen ($1.59 million) worth of BTC.
Metaplanet Bitcoin Bet Gains Board Approval
Notably, Metaplanet’s decision to increase its accumulation of Bitcoin holdings was sanctioned by its board of directors. As per the notice, the move is the product of a resolution reached at a meeting by the top management.
The acquisition is of two folds; Bitcoin units to be held for long-term purposes and short-term purposes. The goal of Metaplanet is to record the long-term Bitcoin holdings at a cost while those for short-term purposes will undergo revaluation quarterly at market price.
*Metaplanet directors authorize purchase of additional ¥250 million of $BTC* pic.twitter.com/BqdHBwVGwy
— Metaplanet Inc. (@Metaplanet_JP) May 28, 2024
The investment firm assured investors of transparency in accounting for proceeds from the acquisition. According to the statement,
“Any unrealized gains or losses will be recorded in the non-operating income section of the income statement.”
Metaplanet also plans to keep a watchful eye on market volatility. It pledged to disclose any significant impacts on quarterly performance.
Japan’s Regulatory Clarity
In the first half of May, Metaplanet acquired 19.87 Bitcoin to augment its growing digital asset reserves. The acquisition spiked its total Bitcoin holdings as of May 10 to 117.72 BTC, at a total cost of ¥1.2 billion ($7.7 million), with an average price of ¥10,193,536 per coin.
Although Bitcoin’s total assets in Asian countries remain still low compared to the United States, Japan is proactive in the regulation of Bitcoin. The unambiguous regulatory atmosphere has boosted the country’s popularity and established it as a major player in the crypto space.
Notably, billionaire investor Mark Cuban recently advised the US SEC led by Gary Gensler to take a cue from the progressive crypto regulatory landscape in Japan. Also Brad Garlinghouse, CEO of Ripple, once considered moving the firm’s headquarters to Tokyo for its regulatory clarity.
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