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Homeweb3.0Tokyo-Based Metaplanet to Issue $6.26M in Bonds to Buy Bitcoin, Shares Soar 11.5%

YEREVAN (CoinChapter.com) — Tokyo-based investment firm Metaplanet Inc. plans to issue 1 billion yen ($6.26 million) in bonds to raise money to buy Bitcoin.

Tokyo-Based Metaplanet to Issue .26M in Bonds to Buy Bitcoin, Shares Soar 11.5%

Japanese investment firm Metaplanet Inc. has announced plans to issue 1 billion yen ($6.26 million) in bonds to raise funds for buying Bitcoin.

On Monday, June 24, Japan’s Metaplanet said its board had approved the bond sale. The firm will use the funds to buy Bitcoin (BTC) for the long term, the statement added.

The bonds will carry an annual interest rate of 0.5%.

Metaplanet Shares Surge 11.5% After BTC Bond Announcement

Following the announcement, shares of Japan’s Metaplanet soared 11.5% on Monday, trading at 95 yen. This marked a substantial increase, with its stock price rising over 500% this year. At its peak on Monday, the shares reached 104 yen ($0.65), according to Google Finance.

Metaplanet to Ramp Up Bitcoin Holdings as Price Drops

BTC recently hit a 40-day low, dropping 2.6% in the past day to $62,733, having nearly reached $72,000 in early June, per CoinGecko data.

If Metaplanet were to buy 1 billion yen worth of BTC today, it would acquire around 99.84 BTC. This would add to its existing holdings of 141.07 BTC. The company had purchased an additional 23.25 BTC on June 11.

Metaplanet first entered the Bitcoin market in mid-May with a purchase of 117 BTC. The firm’s average purchase price for Bitcoin is 10.28 million yen ($65,365) per BTC, which is higher than the current market rate.

Metaplanet’s Bitcoin Strategy Mirrors MicroStrategy’s Approach

Metaplanet’s strategy has drawn comparisons to American software company MicroStrategy, which holds 214,400 BTC, valued at $13.4 billion, according to Bitbo data.

Both companies have a strong focus on BTC as a primary asset. Metaplanet’s recent activities indicate its intention to build up its Bitcoin reserves.

News source:https://www.kdj.com/cryptocurrencies-news/articles/tokyobased-metaplanet-issue-m-bonds-buy-bitcoin-shares-soar.html

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