Japan’s Metaplanet buys nearly 60 BTC following ¥1b loan

Japanese investment firm Metaplanet has purchased an additional 57.1 BTC by taking out a ¥1 billion loan to purchase additional cryptocurrencies.

Tokyo-listed Japanese investment firm Metaplanet Inc. announced that it has purchased 57.1 BTC, bolstering its crypto holdings after taking out a ¥1 billion loan. The purchase, announced in a post on X on August 13, is part of Metaplanet’s strategy to expand its crypto investments amid Japan’s changing economic landscape.

In a regulatory filing, Metaplanet said it purchased 57,103 (BTC) at an average price of $59,242. With the purchase, Metaplanet still has approximately ¥500 million to purchase Bitcoin, although the timing of the next purchase has not been specified.

The acquisition follows Metaplanet’s recent announcement that it had secured a ¥1 billion loan from the firm’s shareholder, MMXX Ventures. The loan, secured on August 8, has an annual interest rate of 0.1% and a maturity of six months.

As Crypto.news previously reported, Metaplanet plans to raise $70 million through equity rights offerings, with more than 80% of that amount earmarked for purchasing Bitcoin. The loan and equity rights offerings are part of Metaplanet’s plan to grow its crypto assets. The company is attempting to maintain its long-term growth by capitalizing on Bitcoin’s potential long-term appreciation, with some analysts predicting the cryptocurrency could reach 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, long periods of negative real interest rates, and a weak yen. The company first announced its intention to increase its Bitcoin holdings in May, citing these economic pressures as a driving factor.