KEY FACT: Tokyo-based investment and consulting firm, Metaplanet Inc. is making plans to issue 1 billion yen ($6.26 million) worth of bonds in order to raise money to buy more Bitcoin. The firm reemphasized it's long-term goal for Bitcoin acquisition.

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Japan’s Metaplanet plans 1B Yen Bond Sale to Acquire more Bitcoin

Metaplanet Inc., the Tokyo-based investment and consulting firm is making plans to issue 1 billion yen ($6.26 million) worth of bonds in order to raise money to buy more Bitcoin. The firm published a notice on Monday, June 24 stating that its board had agreed to the move. Metaplanet also declared it's long-term holding plans for the proposed Bitcoin to be acquired.

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. The funds for this purchase will be allocated from the capital raised through the issuance of the second series of ordinary bonds (with guarantees), as disclosed separately today in the "Announcement on the Issuance of the Second Series of Ordinary Bonds (with Guarantees)." - Source

This development comes barely a week after the American based software company, MicroStrategy acquired additional 11,931 Bitcoins from the sale of its bonds due by 2032. The deepening Institutional foray into tbr crypto market os getting more interesting by the day. MicroStrategy holds the record for a public company with the most Bitcoin holdings, with 214,400 BTC worth $13.4 billion.

Metaplanet had stated in a separate notice that the bonds its issuing would pay an annual rate of 0.5%. Responding to the announcement, Metaplanet shares were up 11.5% on Monday to trade at 96 yen ($0.60). according to Google Finance, this adds to the over 500% gain its stock price has seen so far this year.

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Metaplanet hit a top of 104 yen ($0.65) on Monday when trading resumed after lunch. Source: Google Finance

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Targeting Bitcoin during its lows can be a smart move as Bitcoin continues in its over 40-day low trend, falling 2.6% in the past day to $62,733 according to CoinGecko data. It is worthy of note that Bitcoin nearly touched $72,000 in early June. Analysts believe thr bearish move is to shake off weak hands in preparation for the next bull run.

With today's Bitcoin price, Metaplanet's proposed 1 Billion yen could purchase approximately 99.84 BTC which would bring its total holdings to 241. On June 11, Metaplanet said it purchased 23.25 BTC in addition to its first purchase of 117 BTC in mid- May. Metaplanet's average price of Bitcoin purchased stands at $65,365, per Bitcoin as per the last holdings report published earlier in June,

During its initial Bitcoin purchase, Metaplanet said it was adopting a “Bitcoin-first, Bitcoin-only approach” to its treasury in a “direct response to sustained economic pressures in Japan.” Again, Metaplanet states it's resolve to hold Bitcoin for the long term.

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.

Do you think more Institutions would be buying into Bitcoin?

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