🌎 Metaplanet Acquires 57.1 BTC After Securing ¥1 Billion Loan

Japanese investment firm Metaplanet has acquired an additional 57.1 BTC after successfully securing a ¥1 billion loan to purchase more cryptocurrency.

Tokyo-listed Metaplanet Inc. has announced the acquisition of 57.1 BTC, bolstering its cryptocurrency holdings after securing a ¥1 billion loan. The purchase, revealed in an August 13 post, is part of Metaplanet’s strategy to expand its crypto investments amid Japan’s shifting economic landscape.

In a regulatory filing, Metaplanet stated it acquired 57.103 BTC at an average price of $59,242. With this purchase, Metaplanet still has around ¥500 million available for buying 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, a shareholder in the firm. The loan, secured on August 8, carries an annual interest rate of 0.1% and has a six-month term.

Metaplanet plans to raise $70 million through stock rights offerings, with over 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 aims to hedge its long-term growth by leveraging Bitcoin’s potential long-term appreciation, with some analysts predicting the cryptocurrency’s price could reach $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.