Japan’s Metaplanet plans 1B yen bond sale to buy more Bitcoin

Metaplanet plans to add another 1 billion yen worth of Bitcoin, continuing its Bitcoin-first strategy, which started in May.
Metaplanet plans to add another 1 billion yen worth of Bitcoin, continuing its Bitcoin-first strategy, which started in May.

Tokyo-based investment and consulting firm Metaplanet is planning to issue 1 billion yen ($6.26 million) worth of bonds to raise money to buy Bitcoin.

The firm said in a Monday, June 24 notice that its board had agreed to the move and the Bitcoin (BTC) would be “for long-term holding.” A separate notice shared the bonds would pay an annual rate of 0.5%.

Metaplanet shares were up 11.5% on Monday to trade at 96 yen ($0.60), continuing the over 500% gain its stock price has seen so far this year, according to Google Finance.

Metaplanet hit a top of 104 yen ($0.65) on Monday when trading resumed after lunch. Source: Google Finance

Meanwhile, Bitcoin has hit an over 40-day low, falling 2.6% in the past day to $62,733 after nearly touching $72,000 in early June, CoinGecko data shows.

If Metaplanet were to purchase 1 billion yen worth of Bitcoin today, they would receive nearly 100 BTC, approximately 99.84 BTC.

Related: Japanese exchange BitFlyer to acquire FTX Japan

The planned purchase would add to its current crypto stack, which hit 141.07 BTC after Metaplanet said on June 11 that it scooped 23.25 BTC.

It first purchased 117 BTC in mid-May, saying it was adopting a “Bitcoin-first, Bitcoin-only approach” to its treasury in a “direct response to sustained economic pressures in Japan.”

At its last holdings report earlier in June, Metaplanet said its average purchasing price was 10.28 million yen, or $65,365, per Bitcoin — meaning it would now be underwater on its strategy.

Its BTC buying and the subsequent soaring share price have seen some compare it to America’s MicroStrategy.

The United States software company holds the record for a public company with the most Bitcoin holdings, with 214,400 BTC worth $13.4 billion, per Bitbo data.

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