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Japan’s Metaplanet Wants to Buy Another $6M Bitcoin
The firm will purchase over $6.2 million worth of bitcoin using proceeds from an upcoming bond issuance, adding to its BTC coffers.
Updated Jun 24, 2024, 7:30 a.m. Published Jun 24, 2024, 7:27 a.m.
- Metaplanet plans to increase its bitcoin holdings by purchasing an additional $6 million worth of BTC, adding to its existing $9 million investment.
- The funds for the purchase will come from an upcoming bond issuance on Wednesday. Stock prices jumped 12% following the statement.
Japan-based investment advisor Metaplanet plans to boost its bitcoin holdings by another $6 million worth of the token, as per a Monday statement. The firm already has $9 million worth of bitcoin.
“Metaplanet Inc. (3350:JP) hereby announces that the Board of Directors has resolved to purchase Bitcoin worth 1 billion yen as of today's meeting,” it said. “While our basic policy is to hold Bitcoin for the long term, if we use Bitcoin for operations or other purposes, the corresponding Bitcoin balance will be recorded as current assets on the balance sheet.”
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*Metaplanet issues ¥1 billion in 0.5% bonds; proceeds to fund additional purchases of $BTC* pic.twitter.com/qKZQKHZ6MS
— Metaplanet Inc. (@Metaplanet_JP) June 24, 2024
The funds for the purchase are sought from an upcoming bond issuance on Wednesday. These have an annual interest rate of 0.5% and will mature on June 25, 2025. Stock prices jumped as much as 12% in Tokyo trading hours following the statement, Yahoo Finance data shows.
Metaplanet started purchasing bitcoin in April to reduce yen exposure and offer Japanese investors crypto access with a preferential tax structure. It officially adopted BTC as a reserve asset in May, and purchased another $1.6 million worth in June.
Metaplanet holds 141 BTC as of Monday, data from Bitcointreasuries shows, and is currently the biggest corporate holder of bitcoin in Japan.
Bitcoin is down 3% in the past 24 hours and trades at $63,200 as of Asian afternoon hours.
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