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Metaplanet puts another $2.4 million in BTC amid crypto market crash
Japanese public investment firm Metaplanet is bolstering its long-term holding strategy with another multi-million dollar Bitcoin purchase.
Japanese Investment firm Metaplanet has announced the purchase of an additional 42.4 Bitcoins (BTC) for ¥400 million ($2.4 million) as the cryptocurrency market struggles to reclaim the $60,000 threshold.
On July 8th Press releaseThe Tokyo-based company said the move aligns with its long-term strategy of holding Bitcoin as a “strategic treasury reserve asset.” With this latest acquisition, Metaplanet’s total Bitcoin holdings now exceed 203 BTC.
This purchase follows the recent acquisition of Metaplanet allocation of over $6.2 million through the issuance of the second series of common bonds to purchase Bitcoin for “long-term holding”. The bonds, offered via EVO FUND, have an annual interest rate of 0.5% and will mature on June 25, 2025.
While the bonds are unsecured, Metaplanet has established a first-priority mortgage on the Royal Oak Gotanda Hotel land and building owned by its wholly-owned subsidiary, Wen Tokyo Inc., to secure “all monetary claims.”
In May, Metaplanet announced it would begin purchasing Bitcoin in response to sustained economic pressures in Japan, citing high levels of government debt, prolonged periods of negative real interest rates, and a “consistently weak yen.”
In late June, Nomura published the results of a survey conducted in conjunction with Laser Digital, revealing that more than 500 investment managers in Japan are considering investing in crypto. The survey also found that about half of respondents are open to using stablecoins for settlements and daily transactions.