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Metaplanet to Issue 1 Billion Yen in Bonds to Acquire More Bitcoin

24 June 2024
in News
Reading Time: 3 mins read
106 3
Home News

Tokyo-based investment and consulting firm Metaplanet Inc. announced on Monday, June 24, its plans to issue 1 billion yen (approximately 6.26 million dollars) worth of bonds to finance Bitcoin acquisitions for long-term holding. 

According to the announcement: 

“Metaplanet Inc announced today that its Board of Directors has resolved to purchase Bitcoin worth 1 billion yen. This decision was made during today’s board meeting, and the funds for this purchase will be allocated from the capital raised through the issuance of the second series of ordinary bonds (with guarantees).”

 

The firm disclosed that its board approved the initiative, and the bonds will carry an annual interest rate of 0.5%.

Following the announcement, Metaplanet’s shares surged by 11.5% to 96 yen (60 cents), continuing the remarkable over 500% increase in its stock price this year, according to Google Finance. 

Meanwhile, Bitcoin experienced a downturn, dropping 2.6% in the past day to 62,733 dollars after nearly reaching 72,000 dollars in early June, as reported by CoinGecko.

If Metaplanet proceeds with purchasing 1 billion yen worth of Bitcoin at current prices, the firm would acquire nearly 100 BTC, approximately 99.84 BTC. This acquisition would augment its existing cryptocurrency holdings, which stood at 141.07 BTC as of June 11, when the firm acquired an additional 23.25 BTC.  

Metaplanet initially purchased 117 BTC in mid-May, embracing a “Bitcoin-first, Bitcoin-only” strategy for its treasury in response to ongoing economic pressures in Japan. This move is part of a broader strategic shift in its treasury management. 

 

In a statement on May 13, 2024, the firm announced it was adopting a “Bitcoin-first, Bitcoin-only” approach in response to Japan’s sustained economic pressures. 

“This move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen,”

the company stated.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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