{"id":51395,"date":"2024-08-09T01:15:00","date_gmt":"2024-08-09T01:15:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/metaplanet-secures-billion-yen-loan-to-buy-more-bitcoin"},"modified":"2024-08-09T04:20:09","modified_gmt":"2024-08-09T04:20:09","slug":"metaplanet-secures-1b-yen-loan-to-buy-more-bitcoin","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51395","title":{"rendered":"Metaplanet secures 1B yen loan to buy more Bitcoin"},"content":{"rendered":"

Japanese investment firm Metaplanet has just resolved to secure a $6.8 million loan (1 billion Japanese yen) from one of its shareholders to buy more Bitcoin.<\/p>\n

The loan from MMXX Ventures \u2014 a Metaplanet shareholder \u2014 has a 0.1% interest rate per annum and a six-month term starting on Aug. 8. The company revealed in a statement that it will be paid back in a lump sum.<\/p>\n

Details of Metaplanet\u2019s Bitcoin loan deal. Source: Metaplanet<\/em><\/figcaption><\/figure>\n

If approximately 100% of the $6.8 million of the loan went toward Bitcoin, the firm would be able to buy an additional 118.5 Bitcoin (BTC) at current market prices.<\/p>\n

The announcement comes just two days after Metaplanet revealed plans to raise $70 million via a stock rights offering, with $58 million of that allocated to Bitcoin investments.<\/p>\n

Metaplanet iterated on May 13 that it\u2019ll adopt an \u201centire range of capital market instruments\u201d to bolster its Bitcoin reserves, similar to MicroStrategy\u2019s playbook.<\/p>\n

The firm initially adopted the strategy to hedge against Japan\u2019s worsening debt burden and the fast-depreciating Japanese yen.<\/p>\n

Before this, Metaplanet was a textbook \u201czombie\u201d company, its CEO, Simon Gerovich, said at the Bitcoin 2024 conference in late July.<\/p>\n

Gerovich recalled struggling to clean up Metaplanet\u2019s balance sheet and pay down debt before realizing Bitcoin \u2014 the \u201capex monetary asset\u201d \u2014 could put the company in a better position to succeed over the long term.<\/p>\n

Related: <\/em><\/strong>MicroStrategy stock set to gain 30% if BTC hits $150K in 2025 \u2014 Analyst<\/em><\/strong><\/p>\n

So far, Metaplanet has bought 246 Bitcoin \u2014 worth $13.95 million at current market prices \u2014 from seven separate purchases, Bitcoin Treasuries data shows.<\/p>\n

Metaplanet\u2019s Bitcoin purchases since April 23. Source: Bitcoin Treasuries<\/em><\/figcaption><\/figure>\n

The firm\u2019s average Bitcoin purchase price is $65,145, meaning it has been down 12.8% since its first Bitcoin investment on April 23.<\/p>\n

Google Finance data shows the company\u2019s stock price has risen 290% since it announced its Bitcoin plan on April 9, trading at $4.39 (643 Japanese yen). However, it has been down from its year-high of $20.50 (3,000 Japanese yen), which it recorded on July 24.<\/p>\n

This fall was exacerbated by the cryptocurrency industry\u2019s \u201cBlack Monday\u201d on Aug. 5, which saw Bitcoin fall 10% in a short two-hour window.<\/p>\n

Metaplanet\u2019s change in share price over the last six months. Source: Google Finance<\/em><\/figcaption><\/figure>\n

Magazine:<\/em><\/strong> El Salvador\u2019s national Bitcoin chief has been orange-pilling Argentina<\/em><\/strong><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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Japanese investment firm Metaplanet has just resolved to secure a $6.8 million loan (1 billion Japanese yen) from one of its shareholders to buy more Bitcoin. 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