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Home BUSINESS

Metaplanet Approved to Buy 1 Billion Yen ($6.8 Million) Worth of Bitcoin

Michael Juanico by Michael Juanico
August 8, 2024
in BUSINESS, CRYPTO
Reading Time: 2 mins read
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• Metaplanet said it negotiated a $6.8 million loan “with the entire amount allocated for purchasing bitcoin.”
• As of the start of July, Metaplanet held a total of 161.3 BTC ($9.2 million).
• The company’s strategy mimics that of software developer MicroStrategy (MSTR), which has been acquiring bitcoin for over four years and holds in excess of 226,000 BTC.

Japanese investment adviser Metaplanet recently arranged a loan to purchase more Bitcoin, continuing its strategy of adopting the cryptocurrency as a reserve asset.

ICYMI: 🇯🇵 Metaplanet has secured a ¥1 billion ($6.8 million) loan to buy #Bitcoin pic.twitter.com/YN9TK3nAnn

— BlockNews.com (@blocknewsdotcom) August 8, 2024

Metaplanet Secures Loan for Bitcoin Purchase

Metaplanet arranged a 1 billion yen ($6.8 million) loan from shareholder MMXX Ventures, with the full amount allocated for buying bitcoin. The Tokyo-based company borrowed the money for six months at a 0.1% annual interest rate.

Adopting Bitcoin as a Reserve Asset

In May, Metaplanet announced it would use Bitcoin as a reserve asset to hedge against yen volatility. By early July, it held 161.3 BTC worth $9.2 million. Metaplanet’s strategy copies software developer MicroStrategy, which has acquired bitcoin for over four years and holds more than 226,000 BTC.

Share Price Rises Amid Economic Recovery

Metaplanet’s share price closed 20% higher on Thursday as Japanese stocks rebounded from the previous week’s sell-off after the Bank of Japan hiked interest rates.

Conclusion

Metaplanet continues to buy Bitcoin despite recent stock market volatility, sticking to its strategy of adopting the cryptocurrency as a reserve asset. The company has borrowed millions of dollars specifically for acquiring more bitcoin.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinMetaplanetMicrostrategystock market
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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