Tokyo-based investment firm Metaplanet announced a new loan purchase of 1 billion yen ($6.8 million) to purchase more Bitcoin. Company is known for regularly purchasing BTC due to its positive view of Bitcoin in the long term and is touted as “Asia’s MicroStrategy”.

In the official statement, it was stated that the company’s board of directors also approved the loan. The company received the loan from MMXX Ventures, one of its shareholders. The debt will be paid in bulk, not in instalments.

“We plan to allocate nearly the entire loan amount to purchasing Bitcoin”

In Metaplanet’s announcement, “We plan to allocate nearly the entire loan amount to purchasing Bitcoin,” Metaplanet said. “Our basic policy is to hold Bitcoin long-term; however, if we utilize Bitcoin for operations, the applicable Bitcoin balance will be recorded as a current asset on the balance sheet.”

On Tuesday, the company announced a loan agreement of 10 billion yen (approximately $70 million) over the right to share, and informed that almost all of this amount was allocated to the purchase of Bitcoin.

Metaplanet announced in May that it recognised Bitcoin as a strategic reserve asset.