The Japanese listed company Metaplanet announced today (18th) that it will issue ordinary bonds totaling 1.75 billion yen (approximately 11.3 million USD), with the funds raised to be used entirely for purchasing Bitcoin, emulating MicroStrategy's approach to raising funds in the market to increase Bitcoin purchases.
*Metaplanet Issues ¥1.75 Billion in 1-year 0.36% Bonds, Proceeds to Fund Additional Purchases of $BTC* pic.twitter.com/Jv3IEylplA
— Metaplanet Inc. (@Metaplanet_JP) November 18, 2024
Metaplanet pointed out that these bonds were issued after discussions by the board of directors, with an annual interest rate of 0.36%, and will mature on November 17, 2025.
In response, the company's CEO Simon Gerovich also posted a preview stating that Metaplanet will continue to purchase more Bitcoin.
Since announcing Bitcoin as a 'strategic reserve asset' in May, Metaplanet has been actively increasing its Bitcoin holdings. So far, the company holds 1,018.17 Bitcoins, valued at approximately 93.5 million USD at current market prices.
In addition, Metaplanet raised approximately 10 billion yen (about 66 million USD) last month through exercising stock subscription rights, demonstrating the company's high confidence in Bitcoin investments.
Inspired by the latest news, Metaplanet's stock price closed up 0.81% on Monday, at 1,994 yen per share. The company's stock price has soared 1,146% since the beginning of the year, making it one of the best-performing companies in the Japanese stock market this year. In contrast, the Japanese Nikkei 225 index fell 1.09% on Monday.
"Metaplanet announces issuance of 1.75 billion yen bonds to fund continued purchases of Bitcoin" this article was first published on (Blockcast).
