Metaplanet Invests Additional 24 Million in Bitcoin During Cryptocurrency Market Downturn

Japanese investment firm Metaplanet is reinforcing its commitment to long-term investment by acquiring an additional 42.4 Bitcoin (BTC), worth ¥400 million ($2.4 million), amidst a crypto market striving to surpass the $60,000 mark. In a press release dated July 8, headquartered in Tokyo, Metaplanet indicated that this move is in line with its strategic goal to maintain Bitcoin as a key asset in its treasury reserves. Following this acquisition, Metaplanet’s total Bitcoin holdings now surpass 203 BTC.

This purchase follows Metaplanet’s recent issuance of the second series of ordinary bonds amounting to over $6.2 million, dedicated to Bitcoin acquisition for long-term investment. These bonds, facilitated through EVO FUND, offer a modest annual interest rate of 0.5% and are set to mature on June 25, 2025. Although unsecured by collateral, Metaplanet has established a primary mortgage on the Hotel Royal Oak Gotanda’s land and building, owned by its wholly-owned subsidiary Wen Tokyo Inc., as security for all monetary claims.

Metaplanet initially declared its intention to enter the Bitcoin market in May, attributing this decision to ongoing economic challenges in Japan, such as high government debt levels and persistently negative real interest rates, which have weakened the yen. In late June, Nomura released survey findings in collaboration with Laser Digital, indicating that over 500 investment managers in Japan are contemplating investments in cryptocurrencies. Additionally, approximately half of the respondents expressed openness to utilizing stablecoins for everyday transactions.

For more insights, Sony recently acquired Amber Japan, marking its debut in the cryptocurrency exchange sector.