Metaplanet said it negotiated a $6.8 million loan "with the entire amount allocated for purchasing bitcoin."
As of the start of July, Metaplanet held a total of 161.3 BTC ($9.2 million).

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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. The six-month loan carries an interest rate of 0.1% a year.

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).

The company's strategy mimics that of software developer MicroStrategy (MSTR), which has been acquiring bitcoin for over four years and holds in excess of 226,000 BTC, more than 1% of all the bitcoin that will ever exit.

Metplanet shares closed at 893 yen ($6.10) on Thursday, 20% higher on the day as Japanese stocks continued their recovery from last week's sell-off following an interest-rate hike by the Bank of Japan.

Edited by Sheldon Reback.

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Metaplanet Arranges Loan to Buy $6.8M of BTC

The Japanese company announced its plan to adopt bitcoin as a reserve asset to hedge against the volatility of the yen in May.

Bitcoin Ecosystem Developments in 2023 as BTC Hits Fresh 2023 High