Yahya 
To acquire additional Bitcoin, Japanese investment company Metaplanet has decided to get a $6.8 million loan (1 billion Japanese yen) from one of its shareholders.
Loan Details and Bitcoin Acquisition Plan
Starting on August 8, the loan from Metaplanet stockholder MMXX Ventures has a 0.1% annual interest rate and a six-month terms. The loan will be paid in lump amount. Should almost all of the $6.8 million go toward Bitcoin, the company could buy another 118.5 Bitcoin at current market rates.
Expansion of Bitcoin Holdings
This disclosure comes after Metaplanet recently revealed intentions to raise $70 million via a stock rights offering, with $58 million set aside for Bitcoin purchases. Reflecting MicroStrategy’s approach, Metaplanet reaffirmed on May 13 its goal to increase its Bitcoin reserves by using a wide spectrum of capital market instruments.
Strategic Shift and Impact
Originally, Metaplanet followed the plan to protect against the fast declining yen and Japan’s mounting debt load. Before this, Metaplanet’s CEO, Simon Gerovich, called it a “zombie” business, stressing difficulties with debt pay-down and balance sheet cleanup. Gerovich underlined that the “apex monetary asset,” Bitcoin, might help the business be more successful over long run.
Based to Bitcoin Treasuries data, Metaplanet has bought 246 Bitcoin—valued at $13.95 million at current prices—seven times separately. The company’s average Bitcoin purchase price is $65,145; since its initial investment on April 23, the value has dropped 12.8%.
Google Finance data shows that Metaplanet’s stock price has increased 290%, trading at $4.39 (643 Japanese yen), after revealing its Bitcoin investment plan on April 9. But from its year-high of $20.50 (3,000 Japanese yen) noted on July 24, the price dropped. The “Black Monday” in the crypto market on August 5, which saw Bitcoin lose 10% in only two hours, aggravated this fall.
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