Japan is Buying the Dip: Bitcoin Treasuries Show No Signs of Slow Down in Tokyo

[Ben Graham]

Shares in Metaplanet climbed by roughly +7% on Thursday after the digital asset treasury company disclosed that it had provided a $130M loan tied to plans to purchase additional Bitcoin.

(Source: TradingView)

The Japanese firm, which began as a hotel operator before shifting into a Bitcoin-focused treasury business, was not the only company to benefit from the announcement. 

Shares across other digital asset treasury (DAT) firms also moved higher on the day, beating the wider Japanese equity market.

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The Nikkei 225, which tracks major stocks listed on the Tokyo Stock Exchange, was up a little over 1% during the same session.

(Source: Trading Economics)

Remixpoint, an energy company and former cryptocurrency exchange operator, reported a +22% increase in its share price over the past 24 hours. 

The company currently holds Bitcoin assets valued at approximately $128M.

Other DAT firms recorded gains as well. Shares in SBC Medical Group Holdings rose by around 5%, while Gumi added close to 3%. 

Agile Media Network posted a more modest increase of about 1% over the same timeframe.

The performance of these stocks also exceeded the movement in Bitcoin itself. 

The world’s largest cryptocurrency rose by about 0.24% during the period, meaning the gains in DAT-related stocks were far stronger than the price action in the underlying digital asset.

The market appeared to respond favorably to reports that Metaplanet plans to accelerate its Bitcoin purchases, even as digital asset prices have fallen in recent sessions.

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Why Did Metaplanet Take a Second Loan to Buy Bitcoin?

The move also comes at a time when investor confidence in DATs is starting to fade. 

While the model popularized by Michael Saylor’s firm, Strategy, drew a wave of imitators earlier this year, many of those companies are now trading below the value of the crypto assets they hold. 

That gap has raised doubts about the long-term sustainability of some of these balance-sheet-driven strategies.

In regulatory filings, Metaplanet disclosed that the interest rate on its latest loan is variable and resets daily. The company said the structure gives it flexibility to respond to changes in borrowing costs.

(Source: contents.xj-storage.jp)

This marks the firm’s second loan taken specifically to fund Bitcoin purchases. 

Metaplanet added that the loan agreement allows the company to repay the debt at any time.

The company has also previously secured a $500M credit facility, which it has described as a key part of its plan to continue building up its Bitcoin holdings.

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