Key Points:
Metaplanet Inc., a Tokyo Stock Exchange-listed company under the ticker TSE: 3350, has just announced a significant increase in Bitcoin holdings.
At a board of directors meeting, the company approved the purchase of an additional ¥250 million in Bitcoin, which is equivalent to approximately $1.6 million USD.
The company, which provides consultative services for businesses seeking to adopt Bitcoin, has initiated a strategic transition. Metaplanet now views Bitcoin as the primary treasury reserve asset and plans to use surplus cash flow to accumulate more Bitcoins.
In addition to consulting services, Metaplanet Inc. is known to assist businesses in maximizing their potential within their existing corporate frameworks.
Readmore: First FTX Executive Sentenced To 7.5 Years In Prison
The company also manages corporate reorganizations. Metaplanet’s services range from developing strategies to facilitating integration, thereby enabling organizations to regard Bitcoin as a crucial foundation for their future.
The company recently outlined how they will manage their Bitcoin holdings. They expressed that Bitcoins held for long-term purposes will be recorded at cost, while Bitcoins intended for short-term purposes will be revalued quarterly at market value.
Metaplanet’s strategic Bitcoin purchase aligns with the increasing global trend of companies recognizing Bitcoin as a strategic and valuable asset class. Earlier this month, Metaplanet acquired an additional 19.87 BTC for a purchase price of 200 million yen.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…
a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…
Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…
Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…
Willemstad, Curaçao, 4th November 2024, Chainwire
London, UK, 4th November 2024, Chainwire
This website uses cookies.