Metaplanet issues 1B yen in 0.5% bonds; proceeds to fund additional purchases of $BTC

Metaplanet Holdings is a venture capital (VC) firm founded by Jaan Tallinn, a co-founder of Skype. This firm mainly invests in early-stage technology companies

Venture capital (VC) firm Metaplanet, founded by Skype co-founder Jaan Tallinn, is planning to issue bonds to raise funds for purchasing more Bitcoin (BTC).

The Tokyo-based firm announced on June 24 that its board has approved the issuance of 1 billion yen ($6.26 million) in bonds. The proceeds from the bond sale will be used to buy and hold Bitcoin for the long term, according to the announcement. The bonds will carry an annual interest rate of 0.5%.

Metaplanet currently holds 141.0727 Bitcoins, valued at 1.45 billion yen, with an average acquisition price of 10,278,391 yen per Bitcoin, according to a company filing in May.

Following the announcement of the Bitcoin purchase, Metaplanet stock surged 9.2%, rising from ¥89 to ¥100.

Theڡstock price of Metaplanet surges 10% #Bitcoin buy plan pic.twitter.com/eCm896bdxt

Meanwhile, the price of Bitcoin is down 3% over the last 24 hours and trades at $62,266 at the time of writing. The flagship cryptocurrency has seen a net decrease of -11.5% in the last 3 months.

Commenting on the BTC price action, pseudonymous analyst DonAlt told his 60,100 YouTube subscribers that BTC is at risk of losing all bullish momentum.

According to the analyst, Bitcoin might face a sharp decline if it doesn’t stay above $63,000.

News source：https://www.kdj.com/cryptocurrencies-news/articles/metaplanet-issues-b-yen-bonds-proceeds-fund-additional-purchases-btc.html

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