Japanese Metaplanet plans 1B yen bond sale for more Bitcoin

Metaplanet’s total Bitcoin holdings would be 241 Bitcoin, which is approximately $15 million, if it were able to purchase it today.

In order to acquire Bitcoin, Tokyo-based investment and consulting firm Metaplanet intends to issue 1 billion yen ($6.26 million) in bonds.

The company announced on Monday, June 24, that its board had approved the transaction and that the Bitcoin would be “held for an extended period.” A distinct notification disclosed that the bonds would generate an annual interest rate of 0.5%.

According to Google Finance, Metaplanet shares were up 11.5% on Monday, trading at 96 yen ($0.60), furthering the over 500% increase in their stock price this year.

CoinGecko data indicates that Bitcoin has experienced a 2.6% decline in the past day, down to $62,733, from a high of nearly $72,000 in early June. This represents a decline of over 40 days.

In the event that Metaplanet were to acquire 1 billion yen in Bitcoin today, they would receive nearly 100 BTC, or 99.9984 BTC.

The proposed acquisition would augment its current crypto stack, which reached 141.07 BTC following Metaplanet’s announcement on June 11 that it had acquired 23.25 BTC.

It began purchasing 117 BTC in mid-May, announcing that it was transitioning to a “Bitcoin-first, Bitcoin-only approach” to its treasury as a “direct response to sustained economic pressures in Japan.”

During its most recent holdings report in June, Metaplanet disclosed that its average purchasing price was 10.28 million yen, or $65,365, per Bitcoin. This implies that the company is currently underwater with respect to its strategy.

Some have drawn comparisons between it and MicroStrategy, an American company, as a result of its acquisition of Bitcoin and the consequent increase in its share price.

According to Bitbo data, the United States software corporation has the highest Bitcoin holdings of any public company, with 214,400 BTC valued at $13.4 billion.

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