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Metaplanet Arranges Loan to Buy $6.8M of BTC
The Japanese company announced its plan to adopt bitcoin as a reserve asset to hedge against the volatility of the yen in May.
- 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).
Japanese investment adviser Metaplanet (3350) has arranged a 1 billion-yen ($6.8 million) loan to buy more bitcoin
after adopting the largest cryptocurrency as a reserve asset earlier this year.The Tokyo-based company said it borrowed the money from shareholder British Virgin Islands-based MMXX Ventures "with the entire amount allocated for purchasing bitcoin", in a statement on its website. The six-month loan carries an interest rate of 0.1% a year.
STORY CONTINUES BELOW
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In May, Metaplanet said it would adopt bitcoin as a reserve asset to hedge against the volatility of the yen. At the start of July, it 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, more than 1% of all the bitcoin that will ever exit.
Metplanet shares closed at 893 yen ($6.10) on Thursday, 20% higher on the day as Japanese stocks continued their recovery from last week's sell-off following an interest-rate hike by the Bank of Japan.
Read More: Semler Scientific Studied MicroStrategy’s Success Before Adopting Bitcoin Strategy
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
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