Metaplanet has previously purchased Bitcoin tokens, and it may be on the verge of buying more. This stems from the recent development, which informs about securing a loan worth ¥1 billion. Additional details include an APR of 0.1% and a term of 6 months from the execution date. Suffice it to say, Metaplanet does have plans to continue its spree of purchasing BTC.
The execution date is August 8, 2024, with a commitment to make the repayment in a lump sum. Except, the lender could seek early repayment if the borrower, Metaplanet here, raises additional funds.
There is no information on how much it will spend to buy Bitcoin tokens. Its current value is $56,981.14, which represents a 0.07% decrease over the 24 hours. It is safe to assume that the basic plan is to buy the token when it is hovering around a lower value. There was a crash in the crypto market that took BTC and ETH to the bottom of the price chart. It is still on the safe side, though.
BTC is expected to break the $100k mark by the end of 2024, that is, this year. If it surpasses that milestone, it would be a notable event for early investors—as well as potential selling pressure on the ecosystem.
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This is not the first time it has moved to acquire BTC. The most recent development dates back to August 6, 2024, when Metaplanet announced the Gratis Allotment of Stock Acquisition Rights (Unlisted). This offers common shareholders the opportunity to invest in the company’s common stock through the free allocation of rights. The exercise price of each Stock Acquisition is set to ¥555.
These moves taken by Metaplanet serve to fortify its position as a member of the Bitcoin for Corporations Initiative. Bitcoin Magazine and MicroStrategy jointly announced its launch. The objective is to provide corporate leaders with comprehensive educational content and resources to support the adoption of Bitcoin in the corporate sector.
Members of the Metaplanet community have responded positively to all these developments. They believe that initiatives like these help Bitcoin to make significant gains, further instilling a sense of confidence among them. The adoption of Bitcoin and other cryptocurrencies is still a debatable topic across the world. While the Spot Bitcoin ETF has garnered attention, its reach has not yet extended to every country worldwide. That will take time, and until then, initiatives like these are what crypto enthusiasts have in common.
On July 26, 2024, Metaplanet announced its plans to acquire an exclusive license to launch Bitcoin Magazine Japan. Metaplanet and Bitcoin Magazine have already signed an MoU. It now remains to be seen what effect the magazine’s launch will have in Japan.
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For now, Metaplanet securing ¥1 billion at 0.1% APR to acquire additional Bitcoin tokens has a lot of attention.
