Metaplanet puts another $2.4m in BTC amid crypto market slump

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As a researcher with a background in finance and experience following the Japanese market, I am impressed by Metaplanet’s strategic move to increase its Bitcoin holdings. The Tokyo-based investment firm’s long-term holding strategy is a testament to their belief in Bitcoin’s potential as a valuable strategic reserve asset.

Metaplanet, a Japanese investment firm, is firmly committed to its long-term investment approach by making another significant purchase of Bitcoin, worth millions of dollars.

Metaplanet, a Japanese investment firm, has recently acquired an extra 42.4 Bitcoins (BTC) at a cost of approximately ¥400 million, or around $2.4 million, as the cryptocurrency market continues to face challenges in surpassing the $60,000 mark.

In a press release on July 8, the Tokyo-based Metaplanet announced that its new acquisition of Bitcoin is consistent with its long-term plan to keep Bitcoin as a valuable reserve asset in their treasury. This latest purchase brings their total Bitcoin holdings to over 203 coins.

Metaplanet has recently invested over $6.2 million in purchasing Bitcoin by issuing the second series of ordinary bonds. These bonds are accessible through EVO FUND and come with an annual interest rate of 0.5%. The maturity date for these bonds is June 25, 2025.

Metaplanet ensures the securing of all monetary debts through a first-lien mortgage on the property of Hotel Royal Oak Gotanda, which is owned by its subsidiary Wen Tokyo Inc. and lacks collateral.

As a researcher studying financial market trends, I’ve noticed that in May, Metaplanet disclosed its intention to purchase Bitcoin. This decision was reportedly influenced by the persisting economic pressures in Japan, which include elevated government debt levels and prolonged periods of negative real interest rates. Consequently, Metaplanet identified a weak yen as a result of these factors.

As a crypto investor, I’m always keeping an eye on industry news, and one recent development that caught my attention was the announcement by Nomura and Laser Digital about their survey of Japanese investment managers. According to the results, over 500 of these professionals are considering dipping their toes into the crypto market. Furthermore, around half of them expressed a willingness to utilize stablecoins for their settlements and everyday transactions. This could be an exciting development for the crypto space in Japan and potentially pave the way for greater mainstream adoption.

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2024-07-08 10:54