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

If it could acquire Bitcoin today, Metaplanet’s assets would be 241 Bitcoin, valued at around $15 million. Metaplanet Inc., a Tokyo-based investment and consultancy firm, is seeking to issue 1 billion yen ($6.26 million) worth of bonds to obtain funds to buy Bitcoin.  On Monday, June 24, the company announced that its board had approved the move and that the Bitcoin BTC $62,345 would be “for long-term holding.” A separate notification said the bonds would pay an annual rate of 0.5%. According to Google Finance, Metaplanet shares rose 11.5% on Monday to 96 yen ($0.60), continuing the stock’s above 500% increase this year.

Meanwhile, Bitcoin has fallen 2.6% in the past day to $62,733, after briefly reaching $72,000 in early June, according to CoinGecko data.

If Metaplanet purchased 1 billion yen worth of Bitcoin today, they would receive roughly 100 BTC or approximately 99.84 BT. The intended acquisition would add to its current cryptocurrency stack, which reached 141.07 BTC when Metaplanet announced on June 11 that it had acquired 23.25 BTC. It initially bought 117 BTC in mid-May, stating that it was taking a “Bitcoin-first, Bitcoin-only approach” to its treasury in “direct response to sustained economic pressures in Japan.”

Its BTC purchases and subsequent soaring share price have prompted some to compare it to America’s MicroStrategy. According to Bitbo data, the United States software corporation has the biggest Bitcoin holdings of any public company, totaling 214,400 BTC worth $13.4 billion.

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