Japanese Retailer Mac House to Invest Up to ¥1.715 Billion in Cryptocurrency

On June 19, CoinDesk reported that Japanese clothing retailer Mac House has completed a fundraising round by issuing new stock acquisition rights to a third party. The company plans to invest up to ¥1.715 billion (approximately $11.78 million) of the proceeds in $BTC Bitcoin and other crypto assets.

The total funds raised amounted to ¥2.391 billion, exceeding the original estimate of ¥1.476 billion. Mac House attributed the oversubscription to a stronger-than-expected market response, which drove up the average exercise price.

The additional ¥915 million will also be allocated entirely to further crypto asset purchases.