Japan’s Metaplanet Wants to Buy Another $6M Bitcoin

Metaplanet Inc. (3350:JP) announced that their Board of Directors has decided to buy approximately 1 billion yen worth of Bitcoin during their most recent meeting. Although our primary strategy is to keep Bitcoin as a long-term investment, any Bitcoin used for operational or other purposes will be listed as current assets on our financial statement.

As a researcher, I’m looking into securing the necessary funds for our purchase through an upcoming bond issuance on Wednesday. These bonds come with an annual interest rate of 0.5% and are set to mature on June 25, 2025. The financial markets responded positively to this news, as evident from a surge in stock prices by up to 12% during Tokyo trading hours, according to Yahoo Finance data.

Metaplanet initiated the purchase of bitcoin in April as a strategy to minimize yen holdings and provide Japanese investors an opportunity to invest in cryptocurrency with favorable tax treatment. The company formally added Bitcoin to its reserve assets in May, and subsequently acquired an additional $1.6 million worth in June.

According to Bitcointreasuries’ latest update on Monday, Metaplanet possesses approximately 141 bitcoins, making it the largest Japanese corporation with the most bitcoin holdings in their balance.

Bitcoin is down 3% in the past 24 hours and trades at $63,200 as of Asian afternoon hours.