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

BlockBeats news, on June 19th, according to CoinDesk, Japanese national chain clothing retailer Mac House announced that it has completed financing through issuing new stock subscription rights to third parties and has decided to use up to 1.715 billion yen (approximately $11.78 million) of the raised funds to purchase cryptocurrency assets such as Bitcoin (BTC). The actual financing amount for this round is 2.391 billion yen, exceeding the originally estimated 1.476 billion yen. The company explained that the reason for the excess financing was that the average exercise price of new stock subscription rights exceeded expectations driven by positive market reactions. The 915 million yen of this excess funds will be used entirely for additional purchases of cryptocurrency assets.