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Based on a Monday statement, Japan-based financial adviser Metaplanet intends to increase its bitcoin (BTC) holdings by another $6 million. The company already owns bitcoin valued at $9 million.
“Metaplanet Inc. (3350:JP) hereby announces that, following today’s meeting, the Board of Directors has decided to buy Bitcoin valued at 1 billion yen,” it said. “While our basic policy is to hold Bitcoin for the long term, if we use Bitcoin for operations or other purposes, the matching Bitcoin balance will be recorded as current assets on the balance sheet.”
The money for the purchase comes from a forthcoming bond issue set for Wednesday. These maturing on June 25, 2025, have an annual interest rate of 0.5%. Yahoo Finance data shows that stock prices surged by as much as 12% during Tokyo trade hours after the news.
In April, Metaplanet began buying bitcoin in order to lower yen exposure and provide Japanese investors with preferred tax structure access. In May, it formally embraced BTC as a reserve asset; in June, it bought another $1.6 million worth.
As of Monday, Metaplanet owns 141 BTC, according to Bitcointreasuries, and right now it is the largest corporate bitcoin holder in Japan.
As of Asian afternoon hours, Bitcoin trades at $63,200, down 3% over the past 24 hours.
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