Japanese Listed Company Metaplanet Announces Issuance of New Bonds
On Wednesday, Japanese listed company Metaplanet announced that its board of directors has passed a resolution to issue the eighth series of ordinary bonds, with a total amount of 2 billion yen (approximately 13.5 million USD). The funds raised through this issuance will be used to purchase Bitcoin.
Metaplanet’s most recent Bitcoin purchase occurred a week ago, when the company announced it spent approximately 6.616 billion yen (around 44.16 million USD) to acquire 497 Bitcoins. As of March 5, Metaplanet holds a total of 2,888 Bitcoins, with an average purchase price of about 84,236 USD. Based on the current Bitcoin price of approximately 82,300 USD, the total value of these assets is about 23.7 million USD.
In April 2024, Metaplanet will undergo a strategic shift in its financial management strategy, adopting Bitcoin as a strategic reserve asset to hedge against Japan’s debt burden and the resulting fluctuations in the yen. In January of this year, Metaplanet’s CEO Simon Gerovich stated that the company aims to expand its Bitcoin holdings to 10,000 BTC by 2025.
