Metaplanet Expands Bitcoin Holdings With 1 Billion Yen Investment, Reinforcing Strategic Focus on Cryptocurrency Amid Japan\'s Economic Challenges

Metaplanet, a prominent Japanese investment company, has invested 1 billion yen in Bitcoin, reinforcing its strategic focus on cryptocurrency amid Japan's economic challenges.

Japanese investment company Metaplanet has further expanded its Bitcoin holdings, as part of a broader strategy to allocate a portion of its portfolio to cryptocurrency amid Japan's economic challenges.

Institutions Increasing Cryptocurrency Holdings

As reported by Cointelegraph, the company announced the latest purchase in a notice on Monday, June 24, with the board of directors approving the decision and the Bitcoin being acquired "for long-term holding." The bonds will carry an interest rate of 0.5% per annum, according to a separate announcement.

Metaplanet's stock price has surged nearly 500% year-to-date, and on Monday, the company's shares continued to rise, closing 11.5% higher to trade at 96 yen ($0.60).

The company's plans to purchase 1 billion yen ($6.25 million) worth of Bitcoin were first announced earlier this month. To facilitate this purchase, the company said it will utilize the proceeds from a recent bond sale.

For the time being, Metaplanet intends to hold the Bitcoin. However, if it does end up using it for day-to-day operations or other needs, it will record an equivalent amount of current assets on its books.

Countering Economic Pressures with Bitcoin

In a bid to safeguard against Japan's rising debt concerns and the weakening yen, Metaplanet has turned to Bitcoin. According to Coingape, the Japanese government is heavily indebted, and the economy has suffered as interest rates have remained below zero for years.

The latest purchase will add to Metaplanet's cryptocurrency stack, which currently stands at 141.07 BTC, following an announcement on June 11 that it had acquired 23.25 BTC.

In mid-May, the company made its first purchase of 117 Bitcoins, revealing that it was adopting a "Bitcoin-first, Bitcoin-only approach" to its treasury in "direct response to sustained economic pressures in Japan."

With an average purchase price of 10.28 million yen ($65,365) per Bitcoin, according to Metaplanet's latest holdings report from earlier in June, the company is currently at a loss on its strategy.

News source：https://www.kdj.com/cryptocurrencies-news/articles/metaplanet-expands-bitcoin-holdings-billion-yen-investment-reinforcing-strategic-focus-cryptocurrency-japan-economic-challenges.html

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