Metaplanet Secures ¥1 Billion Loan to Boost Bitcoin Holdings💥

Japanese investment firm Metaplanet has secured a ¥1 billion ($6.8 million) loan from shareholder MMXX Ventures at a remarkably low 0.1% annual interest rate with a six-month repayment term to further increase its Bitcoin holdings. This move follows the firm's recent announcement of a $70 million stock rights offering, with $58 million specifically earmarked for Bitcoin investments. Metaplanet, which currently holds 246 Bitcoin, could potentially acquire an additional 118.6 Bitcoin at current market prices. CEO Simon Gerovich, speaking at the Bitcoin 2024 conference, highlighted the firm's strategic shift towards Bitcoin due to concerns over Japan's escalating debt and the weakening yen. He also shared that Metaplanet had previously been a struggling "zombie" company but has since transformed its balance sheet through its bold Bitcoin-focused strategy.