Metaplanet Teams Up with Hoseki to Verify Bitcoin Holdings
Metaplanet has partnered with Hoseki, a global leader in Bitcoin verification solutions, to allow users to verify the company’s Bitcoin holdings.
In a Tuesday announcement, Metaplanet said that the move is intended to enhance transparency and trust in its Bitcoin holdings through the use of Hoseki Verified.
“As Bitcoin adoption proliferates globally, the importance of transparency cannot be overstated,” the announcement read.
“The partnership with Hoseki aligns with Bitcoin’s “Don’t Trust, Verify” ethos and pioneers transparency in a world where money exists on a transparent, auditable global ledger.”
The firm said the initiative aims to establish a new corporate standard for Bitcoin transparency, fostering greater trust within the cryptocurrency community.
*Metaplanet partners with Hoseki to verify $BTC holdings* pic.twitter.com/ktZCYpodDZ
— Metaplanet Inc. (@Metaplanet_JP) July 23, 2024
Last month, Metaplanet outlined its intention to expand its bitcoin holdings with a $6 million investment.
The money for its purchase will come from a recent bond sale.
Metaplanet, known as “Asia’s MicroStrategy,” said its Bitcoin holdings designated for long-term holding will be recorded at their acquisition cost. These are exempt from taxation based on end-of-term market value assessments.
Further, it added that other Bitcoin holdings will be evaluated at market prices each quarter. Any gains or losses from these evaluations will be recorded under non-operating income or expenses.
Back in April, Metaplanet revealed its decision to incorporate Bitcoin into its treasury assets due to several factors.
Firstly, it aims to minimize its exposure to the Japanese yen, which has been significantly impacted by Japan’s low-interest-rate environment.
The
Read more on cryptonews.com
