Japanese investment company Metaplanet has purchased the extra 57.1 BTC after it obtained a loan worth Y=1 billion to purchase extra cryptocurrency.
Japanese Investment company Metaplanet Inc., listed in Tokyo has disclosed the purchase in the amount of 57.1 BTC, bolstering its cryptocurrency holdings following the securing of the 1 billion-Y loan. The purchase, announced through an August. 13 blog post on X the site, is a part of the strategy used by Metaplanet to increase its cryptocurrency investments in the face of Japan’s changing economic environment.
In an regulatory announcement, Metaplanet said it purchased 57.103 BTC1.14% Bitcoin with an average of $59,242. After the acquisition, Metaplanet still has around Y = 500 million available to purchase Bitcoin however the date of the next purchase remains unknown.
The acquisition follows Metaplanet’s latest announcement of a $1 billion deal with MMXX Ventures, which is an investor in the company. The loan, dated August. 8th, has one-year interest of 0.1 percent, and is backed by an initial term of six months.
In the news, crypto.news reported earlier, Metaplanet plans to raise $70 million via stock rights sales and over 80% of the money earmarked to purchase Bitcoin. The loan and rights to stock offerings are part of the company’s strategy to expand its cryptocurrency holdings. The company wants to secure its future expansion by capitalizing on Bitcoin’s potential appreciation over the long term, according to some analysts, Bitcoin’s value could rise upwards of one million over the next 10 years.
Metaplanet’s investment increase in Bitcoin is a response to Japan’s economic problems which include high debt levels as well as prolonged periods of real interest rates that are negative as well as a weaker yen. The company declared its plan to increase the size of its Bitcoin investments in April, highlighting the economic challenges as a major reason.
