- Metaplanet has acquired more Bitcoin worth millions of dollars.
- The purchase aligned with the company’s recent funding initiatives.
- Metaplanet said investing in Bitcoin will add to its revenue streams.
Japanese investment firm Metaplanet announced Tuesday the completion of an additional multimillion-dollar Bitcoin acquisition, underscoring its commitment to the world’s largest crypto asset by market cap as part of its corporate strategy.
The development came after the company unveiled a series of strategies to bolster its Bitcoin strategy last week. This included raising $69.6 million through a stock rights offering and securing a $6.8 million loan for BTC purchase despite the recent market turmoil.
Metaplanet’s Latest Bitcoin Acquisition
According to a notice shared by Metaplanet CEO Simon Gerovich on August 13, the company has completed the purchase of 57.103 BTC, bought at an average price of 8,756,107 yen ($59,215) per Bitcoin. The aggregated amount purchased is 500 million yen or around $3.3 million.
Sponsored
Gerovich clarified that this purchase aligned with the $6.8 million loan the company secured from MMXX Ventures Limited on August 8. The loan, charged at an interest rate of 0.1%, carries a six-month term and will be repaid in a lump sum.
The latest purchase brings Metaplanet’s total Bitcoin holdings to 303.095 BTC, estimated at 2.95 billion yen (about $19.9 million.) Per the notice, the BTC stash was acquired at an average price of 9,732,933 yen per Bitcoin ($65,805).
Last week, Metaplanet said that its investments in Bitcoin will help stimulate the company’s revenues and provide funding for complimentary business initiatives. For instance, the company plans to obtain a license for Bitcoin Magazine Japan and transform its hotel business to “cater to Bitcoin enthusiasts.”
Sponsored
Read this technical analysis to understand Bitcoin’s price action in recent days:
Bitcoin Bull-Bear Indicator Turns Positive as Price Holds $60K
Stay updated on why MakerDAO might make changes to its Wrapped Bitcoin (WBTC) collateral pools:
MakerDAO Protests Justin Sun’s Role in WBTC Custody Changes
