Source

Bitcoin

April

Million

Japanese investment firm Metaplanet has secured a $6.8 million (1 billion Japanese yen) loan from shareholder MMXX Ventures to expand its Bitcoin holdings. The loan, with a 0.1% annual interest rate and a six-month term starting August 8, will be repaid in a lump sum. 
With this loan, Metaplanet plans to purchase an additional 118.5 Bitcoins at current market prices. This move comes shortly after the firm revealed plans to raise $70 million through a stock rights offering, with $58 million earmarked for Bitcoin investments. 
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Metaplanet’s strategy aligns with similar moves by MicroStrategy, aiming to use Bitcoin as a hedge against Japan’s increasing debt and the weakening yen.&nbsp; 
CEO Simon Gerovich highlighted at the Bitcoin 2024 conference in late July that the firm was previously in poor financial health but saw Bitcoin as a key asset to improve its long-term prospects. 
To date, Metaplanet has acquired 246 Bitcoin worth $13.95 million through seven separate purchases. The firm’s average purchase price is $65,145, reflecting a 12.8% decline since its initial Bitcoin investment on April 23. 
Despite this drop, Metaplanet’s stock price has surged by 290% since it announced its Bitcoin strategy on April 9, trading at $4.39 (643 Japanese yen). However, it has fallen from a year-high of $20.50 (3,000 Japanese yen) recorded on July 24, partly due to <a href="https://www.cryptotimes.io/2024/08/05/bitcoin-price-drops-10-to-52000-amid-global-market-panic/" target="_blank" rel="noreferrer noopener">Bitcoin’s 10% drop</a> during the industry’s “Black Monday” on August 5. 
Metaplanet’s strategic loan to boost Bitcoin holdings underscores a bold bet on digital assets as a hedge against economic instability. This move aligns with growing trends among investment firms to leverage Bitcoin for long-term financial stability. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/26/bitcoin-magazine-expands-to-tokyo-with-metaplanet-partnership/" target="_blank" rel="noreferrer noopener">Bitcoin Magazine Expands to Tokyo with Metaplanet Partnership</a> 
</blockquote>

Metaplanet Secures $6.8 Million Loan for Bitcoin Purchase

The Crypto Times

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