Cryptocurrency
Tokyo Firm Metaplanet Plans to Issue Bonds to Buy Bitcoin
Monday. June 24 at 4:00 PM
1 min. readTokyo-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.