Japanese clothing retailer Mac House plans to invest up to 1.715 billion yen to purchase cryptocurrency

BlockBeats News, June 19th, according to CoinDesk, Japanese nationwide chain clothing retailer Mac House announced that it has completed a financing round through the issuance of new stock acquisition rights to a third party, and has decided to use up to 1.715 billion yen (about $11.78 million) of the raised funds to purchase Bitcoin (BTC) and other crypto assets.

The actual amount raised this time was 2.391 billion yen, exceeding the original estimate of 1.476 billion yen. The company explained that the reason for the oversubscription was that the average exercise price of the new stock acquisition rights exceeded expectations due to a positive market response. Of the excess funds of 0.915 billion yen, all will be used for additional purchases of crypto assets.