Metaplanet secures 1B yen loan to buy more Bitcoin
Just two days after revealing plans to raise $70 million via a stock rights offering, ‘Asia’s MicroStrategy’ has taken a $6.8 million loan from one of its shareholders to buy more Bitcoin.
Japanese investment firm Metaplanet has just resolved to secure a $6.8 million loan (1 billion Japanese yen) from one of its shareholders to buy more Bitcoin.
The loan from MMXX Ventures — a Metaplanet shareholder — has a 0.1% interest rate per annum and a six-month term starting on Aug. 8. The company revealed in a statement that it will be paid back in a lump sum.
If approximately 100% of the $6.8 million of the loan went toward Bitcoin, the firm would be able to buy an additional 118.5 Bitcoin (BTC) at current market prices.
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Author: Brayden Lindrea
