Tokyo-listed investment firm Metaplanet Inc. has taken a giant step in the cryptocurrency space with the purchase of 57.1 bitcoin. In a post on X, the company announced an acquisition made on Aug. 13 as part of its general strategy to grow its cryptocurrency portfolio against the changing economic landscape for Japan.
In a regulatory filing, Metaplanet disclosed the purchase of 57.103 bitcoins for an average price of $59,242. Roughly ¥500 million is still in store for further buying of the cryptocurrency asset, but the timing is yet to be determined.
This latest Bitcoin buy comes off the back of Metaplanet's recent attainment of a ¥1 billion loan from MMXX Ventures, which is one of its major shareholders. The loan, acquired on August 8th, has an extremely low annual interest rate of 0.1% and is due to be repaid within six months.
Metaplanet is set to issue stock rights worth $70 million. However, more than 80% of it is simply slated for buying more Bitcoin. This forms part of the firm's plans for aggressive expansion of its crypto assets in hopes that Bitcoin will appreciate in the long term. Some global analysts estimate that Bitcoin could reach a price tag of $1 million in the next ten years.
It has increased its investment in Bitcoin as a strategic response to the continuing economic challenges that Japan faces, such as high government debt, protracted periods of negative real interest rates, and a weak yen. The firm first announced its intention to increase its Bitcoin holdings in May, citing these economic challenges as a key influence.
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