Key Takeaways:
- Metaplanet plans to issue 1 billion yen ($6.26 million) in bonds to increase its Bitcoin holdings.
- The company aims to hold the acquired Bitcoin long-term and offers a 0.5% annual interest rate on the bonds.
- Metaplanet’s shares surged by 11.5% to 96 yen ($0.60) on Monday, reflecting a 500% increase this year.
Tokyo-based investment and consulting firm Metaplanet plans to issue 1 billion yen ($6.26 million) worth of bonds to increase its Bitcoin holdings.
The company aims to hold the acquired Bitcoin long-term and offers a 0.5% annual interest rate on the bonds.
*Metaplanet directors authorize purchase of ¥1 billion of $BTC from bond proceeds* pic.twitter.com/4eZ6JfQ2cc
— Metaplanet Inc. (@Metaplanet_JP) June 24, 2024
Metaplanet’s shares surged by 11.5% to 96 yen ($0.60) on Monday, reflecting a 500% increase this year.
The stock peaked at 104 yen ($0.65) post-lunch, despite Bitcoin falling to a 40-day low of $62,733.
JUST IN: 🇯🇵 Japanese public company Metaplanet issues ¥1 billion in 0.5% bonds to buy more #Bitcoin pic.twitter.com/jC7gaJ95Z3
— Bitcoin Magazine (@BitcoinMagazine) June 24, 2024
If Metaplanet buys Bitcoin with the bond proceeds, it would acquire around 99.84 BTC, adding to its current 141.07 BTC holdings.
The company initially purchased 117 BTC in mid-May, adopting a “Bitcoin-first, Bitcoin-only approach” due to economic pressures in Japan.
Japanese firm Metaplanet Inc. to buy bitcoin worth $6.3 million through bond issuance https://t.co/grIA7N0jV9
— The Block (@TheBlock__) June 24, 2024
Metaplanet’s average purchase price per Bitcoin was $65,365, indicating a current loss.
The company’s strategy and stock performance have drawn comparisons to MicroStrategy, a U.S. company with the largest Bitcoin holdings.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
With a keen eye for emerging trends and a talent for engaging storytelling, Victor’s articles offer a fresh perspective on the ever-evolving digital currency landscape.
Check Victor out on:
