Metaplanet Bolsters Bitcoin Holdings with Additional $3.3M BTC Purchase

• 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.

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.”

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