Japanese consulting firm Metaplanet to put $6.2m in Bitcoin

Tokyo-based public advisory firm Metaplanet has allocated more than $6.2 million to buy Bitcoin for “long-term holding.”

Metaplanet Inc., a Tokyo-based investment firm specializing in hotel and crypto advisory, said in June that it had raised 1 billion yen in a second series of ordinary bonds issuance to purchase Bitcoin for “long-term holding.” 24 declaration.

Although the company says that its basic policy is to “hold Bitcoin for the long term”, it does not rule out the possibility of using the cryptocurrency for “operations or other purposes”. In a separate filing, the Tokyo-based company said the bonds will be offered through EVO FUND at an annual interest rate of 0.5% and will mature next year, on June 25, 2025.

Although not secured by the bonds, Metaplanet established a first-priority mortgage on the land and building of the Hotel Royal Oak Gotanda, which is owned by its wholly-owned subsidiary Wen Tokyo Inc., to “secure all monetary claims.” Following the news, Metaplanet’s shares increased by over 9% on the Tokyo Stock Exchange, according to Google Finance data.

Japan sets its sights on crypto

As stated in a separate filing, this will not be the first crypto purchase for Metaplanet as the firm currently has over 141 BTC on its balance sheet. The latest acquisition underscores Metaplanet’s commitment to Bitcoin as a “strategic treasury reserve asset.”

In May, Metaplanet announced that it would begin purchasing Bitcoin in response to persistent economic pressures in Japan, citing high government debt levels, prolonged periods of negative real interest rates, and a “weak yen as a result.”

Metaplanet appears to be not alone in seeing crypto as a safe haven in a turbulent macroeconomic environment. A survey conducted by Nomura in conjunction with Laser Digital found that more than 500 investment managers in Japan are considering investing in crypto. The survey also found that nearly half of respondents are open to using stablecoins for payments and daily transactions.