Tokyo-based investment firm Metaplanet Inc. saw its stock jump more than 12% following an announcement on Monday morning. The company's board of directors announced that it has agreed to purchase 1 billion yen ($6.26 million) worth of Bitcoin with capital raised through an upcoming bond issue.
Metaplanet Inc. stated that it plans to purchase additional Bitcoin by issuing a second series of bonds. These bonds worth 1 billion yen will have an annual interest rate of 0.5% and will mature on June 25, 2025. The payment date of the bonds was set for June 26, 2024. "The funds raised will be used to purchase Bitcoin," the company said.
According to the data, Metaplanet's shares rose about 12.2% in the morning session. The company took this step after buying an additional 250 million yen worth of Bitcoin earlier this month. Metaplanet announced on June 11 that it held 141.07 BTC. According to other data provided, the company previously bought Bitcoin on April 23, May 10 and June 11.
In May, Metaplanet announced that it had adopted Bitcoin as a strategic treasury reserve asset. "This move was made as a direct response to persistent economic pressures in Japan, in particular high levels of government debt, prolonged negative real interest rates and a weak yen," the company said.
