Japanese Investment Firm Adopts MicroStrategy-Like Bitcoin Strategy, Set To Purchase $6M Worth BTC Using Funds From Bonds Sale
By Benzinga
Japanese investment firm Metaplanet Inc. will purchase Bitcoins (CRYPTO: BTC) worth more than $6 million using the proceeds from an upcoming bond issuance.
What Happened: The firm listed on the Tokyo Stock Exchange announced in a press release Monday that the Board Of Directors agreed to the purchase of the stash worth 1 billion yen, worth $6.26 million as of this writing.
The funds to buy the Bitcoins will be used from the capital raised through the issuance of the second series of ordinary bonds with guarantees, the company added.
The company reiterated that its basic policy is to hold Bitcoins for the long term.
See Also: Noted Crypto Analyst Flags Three Memecoins With Potential Of High Returns In the Future, Criticizes One Related To Trump
Why It Matters: The latest announcement follows a sustained push by the company to add the world’s largest digital asset to its balance sheet.
Earlier this month, it disclosed a purchase of 250 million yen, worth $1.56 million. Its total Bitcoin holdings were 141.027 as of June 11, worth $8.7 million, making it Japan’s biggest corporate holder of the digital currency.
The company adopted Bitcoin as a strategic treasury reserve asset in response to Japan’s economic woes, which have caused the national currency yen to weaken sharply against the U.S. dollar.
While still a much smaller portfolio, Metaplanet’s strategic actions mirrored MicroStrategy’s Bitcoin reserve strategy. The Michael Saylor-cofounded company is the largest corporate holder of Bitcoin, with a stash worth more than $14 billion at the time of writing, according to bitcointreasuries.net
Price Action: At the time of writing, BTC was exchanging hands at $62,515.78.14, down 2.28% in the last 24 hours, according to data from Benzinga Pro.
Photo via Shutterstock
