Japan-based Metaplanet has announced plans to purchase an additional ¥250 million (approximately $1.6 million) worth of Bitcoin.The move has been approved by the company’s board and continues Metaplanet’s aggressive Bitcoin acquisition strategy.Once this purchase is completed, Metaplanet’s Bitcoin holdings will increase significantly from its current 117.72 BTC — valued at ¥1.2 billion ($7.7 million).Earlier this year, the firm declared Bitcoin a core treasury asset and said it would prioritize a Bitcoin-first and Bitcoin-only approach.At the time, the company stated that it would initiate several financial options to accumulate BTC instead of holding on to the weakening yen.Metaplanet also outlined its approach to managing its Bitcoin holdings.The company stated that any Bitcoin acquired for long-term investment will be recorded at its purchase cost. For short-term acquisitions, Bitcoin will be revalued quarterly based on market value.It added that any unrealized gains or losses from these short-term holdings will be listed under non-operating income on the income statement. This approach ensures transparency and accurately reflects market changes.Meanwhile, Metaplanet’s strategic focus on Bitcoin has significantly boosted its shares, according to Google Finance data. On the year-to-date metric, Metaplanet’s shares have surged by 287%.Last week, Metaplanet’s share price climbed to 93 Japanese yen, nearing a $1 billion market cap. Dylan LeClair, the director of Bitcoin strategy, emphasized this achievement, noting that Metaplanet has been Japan’s top-performing stock for two consecutive days.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Follow us on X for your essential dose of daily crypto news and deep dives.Miller argued that the flagship crypto remains vastly undervalued and predicts a major shift in global capital governance.The report highlights significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via privacy coins, layer-2 networks, and crypto mixers. DeFi Technologies recently adopted BItcoin as its primary treasury reserve asset.Japanese firm Metaplanet saw its stock surge 10% after its most recent Bitcoin acquisition.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
