Key Takeaways:
- Metaplanet adopted bitcoin as a reserve asset, securing a $6.8 million loan for purchasing BTC.
- By early July, Metaplanet held 161.3 BTC, valued at $9.2 million.
- Following this move, Metaplanet shares rose 20% amid a recovering Japanese stock market.
In May, Japanese investment adviser Metaplanet announced plans to adopt bitcoin as a reserve asset to hedge against the yen’s volatility.
They secured a $6.8 million loan from MMXX Ventures, a shareholder based in the British Virgin Islands, with the entire amount allocated for purchasing bitcoin.
*Metaplanet secures ¥1 billion 0.1% APR loan; proceeds to fund additional purchases of $BTC* pic.twitter.com/seN6YdrnLO
— Metaplanet Inc. (@Metaplanet_JP) August 8, 2024
By early July, Metaplanet held 161.3 BTC, valued at $9.2 million.
This move aligns with the strategy of MicroStrategy, which has been acquiring bitcoin for over four years and holds more than 226,000 BTC.
JUST IN: 🇯🇵 Japanese public company Metaplanet secures ¥1 billion loan to buy more #Bitcoin pic.twitter.com/VNVemLD9cy
— Bitcoin Magazine (@BitcoinMagazine) August 8, 2024
Metaplanet’s six-month loan carries an interest rate of 0.1% per year.
Following these developments, Metaplanet shares rose 20%, closing at 893 yen ($6.10) on Thursday, as Japanese stocks recovered from a sell-off due to an interest rate hike by the Bank of Japan.
About The Author
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