Tokyo-Listed Metaplanet to Buy Additional Bitcoin for Its Treasury

Metaplanet, a publicly traded corporation listed on the Tokyo Stock Exchange, announced on Tuesday that its board of directors passed a resolution to purchase an additional 250 million yen (approximately $1.6 million) worth of bitcoin. For BTC held for long-term purposes, the company explained that it will record them at cost. Meanwhile, short-term holdings will be revalued quarterly at market value, with any unrealized gains or losses recorded in the non-operating income section of the income statement. Metaplanet announced its strategic treasury transformation and bitcoin adoption on May 13 after adding BTC worth 1 billion yen to its treasury.