Tokyo-based investment and consulting firm Metaplanet intends to issue 1 billion yen ($6.26 million) in bonds to fund the purchase of Bitcoin for long-term holding. The firm's stock price surged by 11.5% after the announcement, reaching 96 yen ($0.60). This move comes as Bitcoin experienced a 2.6% drop to $62,733, following a peak of nearly $72,000 in early June. Metaplanet's current crypto holdings stand at 141.07 BTC, with an average purchase price of 10.28 million yen per Bitcoin. The company's strategy shift towards a Bitcoin-only treasury approach has drawn comparisons to MicroStrategy, a US firm holding 214,400 BTC. This decision reflects a growing trend of companies diversifying into cryptocurrencies amidst economic uncertainties. The planned bond issuance signifies Metaplanet's commitment to expanding its digital asset portfolio in response to market dynamics. Read more AI-generated news on: https://app.chaingpt.org/news
