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Japanese public investment firm Metaplanet is doubling down on its long-term holding strategy with another multi-million dollar Bitcoin purchase.
<a href="https://crypto.news/tag/japan/" target="_blank" rel="noopener noreferrer nofollow">Japanese</a> investment firm Metaplanet announced the purchase of an additional 42.4 Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) for ¥400 million ($2.4 million) as the crypto market struggles to reclaim the $60,000 threshold.
In a Jul. 8 <a href="http://contents.xj-storage.jp/xcontents/33500/45ad0209/87f1/4786/bced/9e17dc876d4e/140120240705545154.pdf?data=892342crypto923642news928734" target="_blank" rel="noopener noreferrer nofollow">press release</a>, the Tokyo-headquartered firm said the move aligns with its long-term strategy to hold Bitcoin as a “strategic treasury reserve asset.” With this latest acquisition, Metaplanet’s total Bitcoin holdings exceed 203 BTC.
This purchase follows Metaplanet’s recent <a href="https://crypto.news/japanese-consulting-firm-metaplanet-to-put-6-2m-in-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">allocation</a> of over $6.2 million through the issuance of the second series of ordinary bonds to buy Bitcoin for “long-term holding.” The bonds, offered via EVO FUND, carry an annual interest rate of 0.5% and will mature on Jun. 25, 2025.
Although the bonds have no collateral, Metaplanet has set up a first-priority mortgage on the land and building of Hotel Royal Oak Gotanda, owned by its wholly-owned subsidiary, Wen Tokyo Inc., to secure “all monetary claims.”
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In May, Metaplanet announced it would start buying Bitcoin in response to sustained economic pressures in Japan, citing high government debt levels, prolonged periods of negative real interest rates, and a “consequently weak yen.”
In late June, Nomura published the results of a survey conducted alongside Laser Digital, revealing that over 500 investment managers in Japan are&nbsp;<a href="https://laserdigital.com/wp-content/uploads/2024/06/Japan-Market-Survey-On-Digital-Asset-investment-Trends-2024-1.pdf" target="_blank" rel="noopener noreferrer nofollow">considering</a>&nbsp;investing in crypto. The survey also found that about half of the respondents are open to using stablecoins for settlements and daily transactions.
Read more: <a href="https://crypto.news/sony-acquires-amber-japan-as-its-first-leap-into-crypto-exchange-space/" rel="noopener noreferrer nofollow"> Sony acquires Amber Japan as its first leap into crypto exchange space </a>

Metaplanet puts another $2.4m in BTC amid crypto market slump

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