Japan’s Metaplanet Sells 1B Yen Bonds for Bitcoin

Japan’s Metaplanet plans a 1B yen bond sale to buy more Bitcoin; Metaplanet’s total Bitcoin holdings would amount to 241 Bitcoin, which is about $15 million.

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

In a notice dated Monday, June 24, the organization announced that its board had authorized the transaction, and 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%.

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

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.

If Metaplanet were to acquire 1 billion yen of Bitcoin today, they would receive nearly 100 BTC, or approximately 99.84 BTC.

Metaplanet announced on June 11 that it had acquired 23.25 BTC, which would be incorporated into its current crypto base, which currently stands at 141.07 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 concerning its strategy.

Some have drawn comparisons between it and MicroStrategy, an American company, due to its acquisition of Bitcoin and its consequent share price increase.

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.