Bitcoin

<p class="is-style-lead">Japanese investment firm Metaplanet has secured a 1 billion yen loan, the entire amount of which will be used to buy Bitcoin (<a href="http://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>).</p>
<p>Details Metaplanet shared in an Aug. 8 post on X show that the lender is MMXX Ventures, which itself holds shares in Metaplanet. The loan term will run for six months starting Aug. 8 and will attract an interest rate of 0.1% per annum.</p>
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   <p lang="en" dir="ltr">*Metaplanet secures ¥1 billion 0.1% APR loan; proceeds to fund additional purchases of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>* <a href="https://t.co/seN6YdrnLO" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/seN6YdrnLO</a></p>— Metaplanet Inc. (@Metaplanet_JP) <a href="https://twitter.com/Metaplanet_JP/status/1821339659638546531?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 8, 2024</a>
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<p>The Tokyo Exchange-listed company is expected to repay the collateral-free loan in one lump sum after the loan period elapses.</p>
<p>Were Metaplanet to buy Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) right now, the loan amount, which amounts to $6.8 million at current exchange rates, could get it about 119 BTC, with one BTC currently priced at $57,170.</p>
<p>Metaplanet’s announcement comes only days after the investment company said it intended to raise $70 million through a stock rights offerings, with more than 80% of that amount earmarked for buying Bitcoin.</p>
<p>You might also like: <a href="https://crypto.news/negative-bitcoin-funding-rates-could-be-bullish-analyst/" rel="noopener noreferrer nofollow"> Negative Bitcoin funding rates could be bullish: analyst </a></p>
<p>The loan and stock rights offerings are part of Metaplanet’s plan to <a href="https://crypto.news/metaplanet-shares-up-20-as-company-buys-another-20-btc/" target="_blank" rel="noopener noreferrer nofollow">grow</a> its crypto holding, which is reportedly at 246 BTC, worth just north of $14 million. The company 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 <a href="https://crypto.news/bitcoin-will-hit-1-million-by-2030-says-ark-invest/" target="_blank" rel="noopener noreferrer nofollow">$1 million</a> in the next decade.</p>
<p>This move is quite similar to what MicroStrategy has been <a href="https://crypto.news/microstrategy-seeks-raising-2b-to-buy-more-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">doing</a> in the last few years. The U.S. company currently holds more than 79,000 BTC, which is valued at about $4.5 billion. MicroStrategy CEO Michael Saylor, on Aug. 7, revealed that he personally <a href="https://crypto.news/michael-saylor-reveals-1b-in-personal-bitcoin-holdings/" target="_blank" rel="noopener noreferrer nofollow">owns</a> Bitcoin worth more than $1 billion, meaning he could hold as much as 20,000 BTC in his trove.</p>
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   <p lang="en" dir="ltr">JUST IN: Michael Saylor says he personally owns more than $1 billion worth of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a>.</p>— Watcher.Guru (@WatcherGuru) <a href="https://twitter.com/WatcherGuru/status/1821203962898358654?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 7, 2024</a>
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<p>Meanwhile, the price of Bitcoin has gone up slightly in the last 24 hours. At the time of writing, it showed a 0.7% improvement from the previous day, and had registered a 24 hour trading volume of $43.5 billion, making it the second-most traded digital asset after Tether (<a href="https://crypto.news/price/tether/" target="_blank" rel="noopener noreferrer nofollow">USDT</a>).</p>
<p>Read more: <a href="https://crypto.news/ripple-hit-with-125m-fine-for-securities-violations-xrp-surges-18-post-ruling/" rel="noopener noreferrer nofollow"> Ripple hit with $125m fine for securities violations; XRP surges 18% post-ruling </a></p>

Japanese firm Metaplanet secures $6.8m loan to bolster Bitcoin holdings

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