Metaplanet Inc., a well-known Japanese investment giant that added Bitcoin to its reserve assets. Preparing to make a new BTC purchase.
According to The Block, Metaplanet plans to purchase 1 billion yen ($6.26 million) worth of Bitcoin with the capital raised through the upcoming bond issuance.
Following this statement of the company, Metaplanet stock price increased by 12.2% in the morning hours.
Stating that the funds collected will be used to purchase Bitcoin, the company stated the following in its statement:
“Metaplanet Inc announces that its Board of Directors has decided to purchase 1 billion yen worth of Bitcoin as of today's meeting.
The Bitcoin balance held will be recorded at cost for those intending to hold it for the long term, which is exempt from end-of-term market value assessment tax.
Other Bitcoin assets will be valued at market value every three months, and valuation gains or losses will be recorded under non-operating income or expenses on the income statement.”
Finally, the company added that its main policy is to keep Bitcoin in the long term.
*This is not investment advice.