Japanese investment firm Metaplanet has boosted its Bitcoin portfolio, purchasing an additional 20.38 Bitcoin valued at $1.2 million.
The company disclosed the acquisition on Monday, which followed a ¥200 million ($1.4 million) Bitcoin purchase last week. Earlier in the month, the firm added another 42.47 Bitcoin to its holdings, worth $2.3 million.
This recent buy is Metaplanet’s fourth Bitcoin acquisition in July, raising its total holdings to nearly 246 BTC, with an estimated value of $16.7 million.
Metaplanet Finalizes $6 Million Bitcoin Acquisition
After Monday’s transaction, the company stated that it had finalized the acquisition of Bitcoins worth 1 billion yen ($6 million).
Metaplanet’s Bitcoin Bet Shields Against Inflation
Metaplanet has been buying Bitcoin since April to protect itself from Japan’s weak yen. The Japanese investment firm says it is using Bitcoin as a shield against inflation and economic instability driven by the country’s low-interest rates.
Following its all-in approach to Bitcoin, similar to the US firm Microstrategy, Metaplanet has earned the nickname “Asia’s Microstrategy.” To keep stockpiling Bitcoin, the company plans to use long-term yen debt and occasionally issue new shares, ditching the increasingly weak Japanese currency.
Metaplanet’s stock price has skyrocketed, making it one of the well-performing Japan-listed companies. Its stock soared 25% on Monday, while it is up over 104% in the last month alone.
Long-Term Bitcoin Holdings Exempt from Market Value Tax
The company has said that its Bitcoin holdings intended for long-term retention would be documented at their purchase cost. These holdings are not subject to taxation based on end-of-period market value assessments.
Additionally, the company mentioned that its other Bitcoin holdings would be appraised at market values every quarter. Resulting gains or losses from these appraisals will be recognized as non-operating income or expenses.
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