Tokyo-based investment and consulting firm Metaplanet has announced plans to issue 1 billion yen (approximately $6.26 million) worth of bonds to raise funds for purchasing Bitcoin.
In a notice dated June 24, Metaplanet stated that its board had approved the bond issuance, with the intention of holding the acquired Bitcoin for the long term. The bonds are expected to offer an annual interest rate of 0.5%.
Following the announcement, Metaplanet’s shares surged by 11.5% to 96 yen ($0.60), continuing a remarkable rise of over 500% in its stock price this year, as per Google Finance.
Currently, Bitcoin is experiencing a downturn, hitting a 40-day low and falling 2.6% in the past day to $62,733, after almost reaching $72,000 in early June, according to CoinGecko data.
If Metaplanet were to buy 1 billion yen worth of Bitcoin at today’s prices, they would acquire nearly 100 BTC, or approximately 99.84 BTC. This would bring Metaplanet’s total Bitcoin holdings to around 241 BTC, valued at approximately $15 million.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
