đđNew move from major investment firm to buy Bitcoin đđ
Japanese investment firm Metaplanet has received a loan of $6.8 million (approximately 1 billion Japanese yen) from one of its shareholders, MMXX Ventures, to buy more Bitcoin.
The annual interest rate of this loan is 0.1% and will start on August 8 and last for six months. Metaplanet announced that the loan will be repaid in a single lump sum. This announcement comes just two days after Metaplanet announced plans to raise $70 million in a stock rights offering, $58 million of which will be allocated to Bitcoin investments.
Metaplanet announced on May 13 that it will adopt MicroStrategyâs strategy to strengthen its Bitcoin reserves. The company implemented this strategy to protect itself from Japanâs worsening debt burden and the rapidly depreciating Japanese yen.
Metaplanet CEO Simon Gerovich described the companyâs previous status as a âcomplete zombie companyâ during a speech at the Bitcoin 2024 conference in late July. Gerovich noted that Metaplanet struggled to clean up its balance sheet and pay off its debts before realizing that Bitcoin (the largest monetary asset) could make the company more successful in the long term.
According to Bitcoin Treasuries data, Metaplanet has purchased 246 BTC in seven separate transactions to date. This amount is worth approximately $13.95 million at current market prices. The companyâs average Bitcoin purchase price is $65,145, a 12.8% decrease since its first BTC investment on April 23.
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