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Japanese clothing retailer Mac House plans to invest up to 1.715 billion yen to purchase encryption assets.
On June 19, CoinDesk reported that Mac House, a nationwide clothing chain retailer in Japan, announced that it had completed the financing through the issuance of new share subscription rights to third parties, and decided to use up to 1.715 billion yen (about $11.78 million) of the funds raised to purchase crypto assets such as Bitcoin (BTC). The actual amount of the financing was 2.391 billion yen, exceeding the original estimate of 1.476 billion yen. The company explained that the reason for the excess financing was that the average exercise price of the new share option exceeded expectations, driven by a positive market reaction. All of this excess funds of 915 million yen will be used to purchase additional crypto assets.