Bitcoin

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Tokyo-based investment and consulting firm <a href="https://metaplanet.jp/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Metaplanet</a> plans to issue 1 billion yen ($6.26 million) in bonds to raise funds for buying Bitcoin.
The firm’s board approved this move, stating that the Bitcoin will be held for the long term. Additionally, a separate notice mentioned that the bonds would offer an annual interest rate of 0.5%.
On Monday, Metaplanet’s shares rose by 11.5%, reaching 96 yen ($0.60). This increase continues the stock’s impressive over 500% gain so far this year, according to Google Finance.
In contrast, Bitcoin has recently hit a 40-day low, dropping 2.6% in the past day to $62,733 after nearing $72,000 in early June, according to CoinGecko data.
If Metaplanet were to purchase 1 billion yen worth of Bitcoin at current prices, they would acquire nearly 100 BTC, approximately 99.84 BTC.
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This planned acquisition will add to Metaplanet’s existing crypto holdings, which reached 141.07 BTC after the firm bought 23.25 BTC on June 11.
Metaplanet initially purchased 117 BTC in mid-May, adopting a “Bitcoin-first, Bitcoin-only approach” in response to Japan’s ongoing economic pressures.
At the last holdings report in early June, Metaplanet’s average purchasing price was 10.28 million yen ($65,365) per Bitcoin, indicating that the firm is currently underwater with its strategy.
Metaplanet’s aggressive Bitcoin buying and the resulting surge in its stock price have led to comparisons with America’s MicroStrategy.
The U.S. software company holds the record for the most Bitcoin holdings by a public company, with 214,400 BTC worth $13.4 billion, according to Bitbo data.
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Metaplanet to Issue 1 Billion Yen in Bonds to Buy Bitcoin Amidst Soaring Stock Prices

Crypto Intelligence

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