Key points:
Japanese investment firm Metaplanet Inc. has announced a recent purchase of 57.1 bitcoin, worth about $3.3 million. The addition brings its total Bitcoin holdings to 303,095 BTC.
The Tokyo-listed company secured a $6.8 million loan last week, with 500 million yen specifically earmarked for additional bitcoin purchases, reflecting its continued bullish stance on the cryptocurrency.
Read More: Japan’s Metaplanet Bitcoin Investment Gets Boost With $70 Million Stock Rights Offering
Metaplanet shares have seen significant volatility, closing down 5.8% at 1,121 yen on Tuesday, as per Yahoo Finance data, despite a 600% surge earlier this year. The company’s bitcoin acquisition is part of a broader strategy to adopt bitcoin as a strategic treasury reserve asset to counter Japan’s economic pressures, including high government debt and negative, accurate interest rates.
CEO Simon Gerovich stressed their commitment to increasing their bitcoin holdings, reinforcing the company’s long-term investment approach.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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