BTC Acquisition Plan Gets Go-Ahead from Metaplanet Directors; Stock Soars 500% YTD
The directors of Tokyo-based investment and consulting firm Metaplanet Inc. have given their approval to the company’s proposal to acquire Bitcoin worth $6.25 million using bond proceeds.
Metaplanet specified that the purchased cryptocurrency will be recorded at its acquisition cost for long-term holdings. Additionally, the company’s stock has surged by nearly 500% since the start of the year.
Metaplanet’s decision to purchase BTC using bond proceeds follows its announcement two months ago. The purchase, funded through the second series of ordinary bonds. Will be used for long-term holdings and exempt from market value taxation assessments. Any gains or losses from these holdings will be reflected under non-operating income or expenses in the company’s income statement. Partners and investors such as Sora Ventures, UTXO Management, and Mark Yusko from Morgan Creek Capital have supported Metaplanet’s plan, contributing to the stock’s 500% surge this year.
Clever Robot News Desk 25th June 2024
