Metaplanet's Bitcoin Japan Raises $60M to Start Buying BTC

Tokyo based Bitcoin Japan, a subsidiary of the investment firm Metaplanet, is getting ready to buy its very first Bitcoin. The company announced it has secured a convertible bond deal with EVO Fund to raise 9.66 billion yen, which is roughly 59.5 million dollars. Out of this total, the firm plans to immediately spend over 662 million yen, or about 4 million dollars, on its initial Bitcoin purchase.

Bitcoin Japan's parent company, Metaplanet, has already made a name for itself by aggressively adding Bitcoin to its balance sheet. Metaplanet is currently one of the largest corporate holders of the cryptocurrency globally, holding 43,000 coins worth more than 2.8 billion dollars in its coffers.

This aggressive accumulation comes at a time when many corporate treasuries have taken a hit. Both Metaplanet and other major players have seen their stock prices slide during the recent market downturn, with some smaller firms even forced to sell off their holdings. However, Bitcoin Japan is viewing the lower prices as an ideal entry point to establish its own crypto reserve.

At the same time, Japan is tightening up its crypto regulations. The country's parliament recently passed an amendment that classifies cryptocurrencies as official financial assets. This regulatory shift is expected to take effect within a year, potentially clearing the path for local Bitcoin exchange traded funds in the future.