Japanese Company Promises Billion Yen for Bitcoin

Tokyo-based investment firm Metaplanet Inc. saw its shares rise more than 12% following its announcement Monday morning.

The company's board of directors announced that it has agreed to purchase 1 billion yen ($6.26 million) worth of bitcoin with the capital it raised through an upcoming bond issue.

Will buy billion yen worth of Bitcoin

Metaplanet Inc. said it plans to purchase additional bitcoin by issuing a second series of bonds. It was stated that these bonds, worth 1 billion yen, will have an annual interest rate of 0.5% and will mature on June 25, 2025. The payment date of the bonds was determined as June 26, 2024. “The funds collected will be used to purchase Bitcoin,” the company said.

According to Google Finance data, Metaplanet's shares rose by approximately 12.2% in the morning session.

The company took this step after purchasing an additional 250 million yen worth of bitcoin earlier this month. Metaplanet announced that it had 141.07 BTC on June 11. According to Bitcointreasuries.net data, the company previously purchased bitcoin on April 23, May 10 and June 11.

In May, Metaplanet announced that it had adopted bitcoin as a strategic treasury reserve asset. “This move is a direct response to persistent economic pressures in Japan, particularly high government debt levels, prolonged negative real interest rates and therefore a weak yen,” the company said.

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