Japanese Firm Metaplanet Secures 1 Billlion Yen Loan to Acquire More Bitcoin
Metaplanet Inc., a publicly traded Japanese company, announced it has secured a loan of one billion Japanese yen ($6.8 million) with an annual interest rate of 0.1% to acquire more Bitcoin.
The company dubbed “Asia’s MicroStrategy” due to its aggressive acquisition of Bitcoin has amassed huge amounts of Bitcoin recently. With its recent acquisition of Bitcoin, the firm is making significant waves in the financial markets.
*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
On Monday, Metaplanet said it will invest approximately 8.5 billion Japanese yen, or $58.76 million, in Bitcoin through a new stock offering. The company said plans to raise a total of 10 billion yen, or about $69.13 million, by issuing stock acquisition rights to all common shareholders.
The decision was made during Metaplanet’s Board of Directors meeting. All common shareholders will receive the stock acquisition rights as of September 5, with the allotment effective from September 6 onward.
In the company’s disclosure, Metaplanet said due to Japan’s high debt levels, persistent negative interest rates, and weakening yen as factors compelling it to acquire more Bitcoin.
On 16 July Metaplanet purchased additional 21.88 Bitcoins, worth ¥200 million (worth $1.4 million at the time) — an average price of ¥9.14 million ($57,600) per coin.
Metaplanet is currently listed on the Tokyo Stock Exchange (TSE), which limits access for U.S. investors. The firm has plans to tokenize Metaplanet shares on the Bitcoin layer-2 network Liquid.
In May, Metaplanet experienced a remarkable surge in its shares, skyrocketing 158% in a single week and emerging as the
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