Metaplanet directors approve $6.25 million Bitcoin acquisition

Tokyo-based investment firm Metaplanet Inc. has approved a plan to purchase $6.25 million worth of Bitcoin (CRYPTO:BTC) using bond proceeds.

The company will record the acquired cryptocurrency at its acquisition cost for long-term holdings, exempt from market value taxation assessments, while other holdings will be evaluated quarterly.

Following the announcement, Metaplanet's stock has surged nearly 500% since the beginning of the year, driven by strong investor support and a strategic pivot to Bitcoin in April.

Key backers of the BTC acquisition include Sora Ventures, UTXO Management, and Morgan Creek Capital's Mark Yusko.