Japanese investment firm Metaplanet has made a significant move by purchasing 57.1 Bitcoin (BTC) after securing a loan of ¥1 billion (around $6.8 million). This purchase is part of Metaplanet’s strategy to increase its holdings in cryptocurrency, especially Bitcoin, amid changes in Japan’s economy.
In an announcement made on August 13, Metaplanet shared that they acquired the Bitcoin at an average price of $59,242 per coin. This move leaves them with around ¥500 million still available for future Bitcoin purchases, although the company hasn’t specified when they will make their next acquisition.
The loan, which Metaplanet received from MMXX Ventures—a shareholder in the firm—comes with an interest rate of 0.1% per year and has a term of six months. The firm is also planning to raise an additional $70 million through stock rights offerings, with the majority of that amount also intended for buying more Bitcoin.
Metaplanet’s decision to invest heavily in Bitcoin is seen as a way to protect against Japan’s current economic issues, such as high government debt, low interest rates, and a weak yen. The company believes that Bitcoin’s value could increase significantly over the next decade, with some analysts even predicting it could reach $1 million per Bitcoin.
In summary, Metaplanet is betting on Bitcoin as a long-term investment to secure its future growth in the face of economic challenges in Japan.
