Japanese investment firm Metaplanet has acquired an additional 57.1 BTC after it successfully secured ¥1 billion loan to purchase additional crypto.
Japanese investment firm Metaplanet Inc., listed in Tokyo, has announced the acquisition of 57.1 BTC, bolstering its cryptocurrency holdings after securing a ¥1 billion loan. The purchase, revealed in an Aug. 13 post on X, is part of Metaplanet’s strategy to expand its crypto investments amid Japan’s shifting economic landscape.
In a regulatory filing, Metaplanet said it acquired 57.103 (BTC) for an average price of $59,242. With the purchase, Metaplanet still has around ¥500 million to buy Bitcoin, though the timing of the next acquisition remains unspecified.
The acquisition follows Metaplanet’s recent announcement of a ¥1 billion loan from MMXX Ventures, which is a shareholder in the firm. The loan, secured on Aug. 8, carries an annual interest rate of 0.1% and has a six-month term.
As crypto.news reported earlier, Metaplanet plans to raise $70 million through stock rights offerings, with more than 80% of that amount earmarked for buying Bitcoin. The loan and stock rights offerings are part of Metaplanet’s plan to grow its crypto holdings. The firm is looking to hedge its long-term growth by leveraging Bitcoin’s potential long-term appreciation, with some analysts predicting the cryptocurrency’s price could go as high as $1 million in the next decade.
Metaplanet’s increased investment in Bitcoin is part of its response to Japan’s economic challenges, including high government debt, extended periods of negative real interest rates, and a weak yen. The firm first announced its intention to boost its Bitcoin holdings in May, highlighting these economic pressures as a driving factor.
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