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    Home » Japanese company Metaplanet announces another Bitcoin purchase
    Bitcoin

    Japanese company Metaplanet announces another Bitcoin purchase

    By adminJul. 1, 2024No Comments2 Mins Read
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    Japanese company Metaplanet announces another Bitcoin purchase
    Japanese company Metaplanet announces another Bitcoin purchase
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    Given the uncertain financial climate in Japan, publicly traded company Metaplanet has announced a significant investment in Bitcoin.

    According to the information, the company has allocated approximately $6.26 million to acquire the cryptocurrency — a move funded by proceeds from its recent issuance of ordinary bonds carrying a 0.5% annual interest rate, maturing in June 2025.

    With its latest investment of about $1.237 million (20.2 BTC), Metaplanet now holds a total of 161.27 BTC at an average price of around $63,298 per token as of July 1.

    Metaplanet’s investment strategy comes amidst Japan’s challenging economic situation. In 2023, the country reported the highest ratio of net debt to GDP among G-7 nations, amounting to approximately 159%. This situation has heightened concerns regarding the stability of the yen and the country’s financial condition.

    Read more:

    A top analyst shared his predictions on the Bitcoin and altcoin markets.

    The latest accumulation marks Metaplanet’s fourth significant purchase of Bitcoin within just seven weeks. Since unveiling its Bitcoin investment strategy in April, the company’s stock price has nearly quintupled, suggesting that their approach thus far has been effective.

    Despite representing significant risk, the company’s successful outcomes following the adoption of this strategy indicate a well-considered investment plan.

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