Bitcoin

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 Tokoyo-based Metaplanet Inc. has secured a one billion yen ($6.8 million) loan to further expand its Bitcoin holdings, according to<a href="https://twitter.com/Metaplanet_JP/status/1821339659638546531?t=GfqIiNBI6hCRwfNJNjjkUA&amp;s=19" rel="noopener noreferrer nofollow"> the latest update</a> from the firm.&nbsp;&nbsp;
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According to the firm, the loan was secured at an annual interest rate of 0.1% and would be paid back over the course of six months.
Meanwhile, this update follows Metaplanet’s<a style="color: #0000ff;" href="https://drive.google.com/file/d/1Nb8eP_8_Ko-BDfCXrYqgfBD02cgNKe4V/view?usp=drivesdk" rel="noopener noreferrer nofollow"> announcement</a> on Monday, August 6, of a ¥10.08 billion ($69.44 million) stock acquisition rights allotment, whose proceeds are also earmarked for further Bitcoin purchases. The company intends to invest approximately 8.5 billion yen ($58.76 million) in Bitcoin through this new stock offering.
This latest loan and stock offering aligns with<a style="color: #0000ff;" href="https://defi-planet.com/2024/05/tokyo-based-investment-firm-metaplanet-shifts-to-bitcoin-only-reserve-strategy-amid-yens-decline/" rel="noopener noreferrer nofollow"> Metaplanet’s strategy and previous moves to shift its treasury focus towards Bitcoin</a>. This strategy, which has earned the company the nickname “Asia’s MicroStrategy” due to its aggressive approach to Bitcoin accumulation, was approved by Metaplanet’s Board of Directors, who cited Japan’s high debt levels, persistent negative interest rates, and a weakening yen as driving factors behind the increased Bitcoin investment.
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/06/metaplanet-establishes-bitcoin-focused-subsidiary-in-british-virgin-islands/" rel="noopener noreferrer nofollow">Metaplanet Establishes Bitcoin-Focused Subsidiary in British Virgin Islands</a>
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 “Metaplanet has sharply adjusted its treasury operations in order to navigate through Japan’s challenging economic landscape while at the same time setting a local precedent for corporate innovation in asset management,”
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the company noted in its announcement in May.
Since May, Metaplanet has increased its total Bitcoin holdings to 245.9 BTC, estimated to be worth around 2.45 billion yen (about $15.6 million) as of July 22. On that date, the company<a style="color: #0000ff;" href="https://defi-planet.com/2024/07/metaplanet-completes-1-billion-yen-bitcoin-purchase-stock-soars-19/" rel="noopener noreferrer nofollow"> announced what was tagged as the final purchase</a> in its <a style="color: #0000ff;" href="https://defi-planet.com/2024/06/metaplanet-to-issue-1-billion-yen-in-bonds-to-acquire-more-bitcoin/" rel="noopener noreferrer nofollow">plans to buy ¥1 billion worth of the cryptocurrency</a>.
Notably, This had an immediate positive impact on Metaplanet’s stock price. According to<a style="color: #0000ff;" href="https://www.google.com/finance/quote/3350:TYO" rel="noopener noreferrer nofollow"> publicly avaliable data</a>, the company’s shares surging by 19.31% to 173 yen ($1.10) within hours of the company’s announcement.
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The post <a href="https://defi-planet.com/2024/08/japans-metaplanet-inc-secures-6-8m-loan-to-buy-more-bitcoin/" rel="noopener noreferrer nofollow">Japan’s Metaplanet Inc. Secures $6.8M Loan to Buy More Bitcoin</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Japan’s Metaplanet Inc. Secures $6.8M Loan to Buy More Bitcoin

DeFi Planet

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