Japanese investment firm Metaplanet Inc. announced today that it had purchased an additional 57.1 bitcoin worth about $3.3 million, as the company remains bullish on the world’s largest cryptocurrency.

The Tokyo-listed firm said in a statement that it had bought an additional 500 million yen worth of bitcoin after it secured a $6.8 million loan last week to buy more crypto.

That brings Metaplanet’s total bitcoin holdings to 303.095 bitcoin, the company added.

Metaplanet’s stock closed down 5.8% at 1,121 yen on Tuesday. Its stock price has surged 600% so far this year and once peaked at 3,000 yen on July 24. The Nikkie 225 index gained 3.45% at closing today.

Last week, Metaplanet announced that it had taken a loan totaling 1 billion yen ($6.8 million) with a 0.1% annual interest rate and plans to allocate most of the loan amount to purchasing bitcoin.

“Always be stacking bitcoin,” Simon Gerovich, chief executive officer of Metaplanet, wrote in a post on X today.

In May, the company said that it had started to adopt bitcoin as its strategic treasury reserve asset. “The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen,” the firm said at the time.

Source : The Block Crypto News - Aug 13, 2024