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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 <a href="https://contents.xj-storage.jp/xcontents/33500/be5f5cac/3cbe/445b/9890/15ba01b5994d/140120240620533309.pdf" target="_blank" rel="noopener nofollow">notice</a> that its board had agreed to the move and the Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) would be “for long-term holding.” A separate <a href="https://contents.xj-storage.jp/xcontents/33500/f32937b7/0b20/4e90/b619/4f9352c1bbbf/140120240620533311.pdf" target="_blank" rel="noopener nofollow">notice</a> shared the <a href="https://cointelegraph.com/learn/overview-of-different-types-of-asset-classes"></a><a href="https://cointelegraph.com/learn/overview-of-different-types-of-asset-classes">bonds would pay an annual rate</a> of 0.5%.
Metaplanet shares were up 11.5% on Monday to trade at 96 yen ($0.60), continuing the over 500% <a href="https://cointelegraph.com/news/japanese-investment-firm-boost-stock-adopt-bitcoi">gain its stock price</a> has seen so far this year, <a href="https://www.google.com/finance/quote/3350:TYO" target="_blank" rel="noopener nofollow">according</a> to Google Finance.
<figure data-ct-non-breakable="true">
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 Metaplanet hit a top of 104 yen ($0.65) on Monday when trading resumed after lunch. Source: Google Finance
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Meanwhile, Bitcoin has hit an <a href="https://cointelegraph.com/news/3-reasons-why-bitcoin-price-struggles-to-reclaim-64k">over 40-day low</a>, falling 2.6% in the past day to $62,733 after nearly touching $72,000 in early June, CoinGecko <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">data</a> shows.
If Metaplanet were to purchase 1 billion yen worth of Bitcoin today, they would receive nearly 100 BTC, approximately 99.84 BTC.
Related: <a href="https://cointelegraph.com/news/japan-bitflyer-acquire-ftx-japan">Japanese exchange BitFlyer to acquire FTX Japan</a>
The planned purchase would add to its current crypto stack, which hit 141.07 BTC after Metaplanet said on June 11 <a href="https://cointelegraph.com/news/metaplanet-stock-soars-after-latest-bitcoin-purchase">that it scooped</a> 23.25 BTC.
It first <a href="https://cointelegraph.com/news/metaplanet-bitcoin-reserve-asset-117-btc">purchased 117 BTC</a> 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 <a href="https://cointelegraph.com/news/asia-micro-strategy-metaplanet-smashes-all-other-japanese-stocks">seen some compare</a> it to America’s <a href="https://cointelegraph.com/learn/who-is-michael-saylor">MicroStrategy</a>.
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, <a href="https://bitcointreasuries.com/#public" target="_blank" rel="noopener nofollow">per</a> Bitbo data.
Web3 Gamer: <a href="https://cointelegraph.com/magazine/immutable-random-games-2-3b-invested-web3-games-upland-ethereum-guild-guardians-review/">How blockchain games fared in Q3, Unioverse &amp; Immutable, Upland token on ETH</a>

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

Cointelegraph

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