Japanese Investment Adviser Metaplanet Arranges Loan to Buy More Bitcoin

The Japanese company announced its plan to adopt bitcoin as a reserve asset to hedge against the volatility of the yen in May.

Japanese investment adviser Metaplanet (3350) has arranged a 1 billion-yen ($6.8 million) loan to buy more bitcoin (BTC) after adopting the largest cryptocurrency as a reserve asset earlier this year.

The Tokyo-based company said it borrowed the money from shareholder British Virgin Islands-based MMXX Ventures “with the entire amount allocated for purchasing bitcoin,” in a statement on its website. The six-month loan carries an interest rate of 0.1% a year.

In May, Metaplanet said it would adopt bitcoin as a reserve asset to hedge against the volatility of the yen. At the start of July, it held a total of 161.3 BTC ($9.2 million).

The company's strategy mimics that of software developer MicroStrategy (MSTR), which has been acquiring bitcoin for over four years and holds in excess of 226,000 BTC, more than 1% of all the bitcoin that will ever exist.

Metplanet shares closed at 893 yen ($6.10) on Thursday, up 20% on the day as Japanese stocks continued their recovery from last week's sell-off following an interest-rate hike by the Bank of屋の.

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