Metaplanet Arranges Loan to Buy $6.8M of BTC

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. 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). Metaplanet shares closed at 893 yen ($6.10) on Thursday.

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