Metaplanet Authorizes Purchase of $6.26M of Bitcoin (BTC) From Bond Proceeds

A Japanese public company, Metaplanet Inc.’s shares rose more than 9% on Monday after the company received permission to invest 1 billion yen ($6

Japanese public company Metaplanet Inc. (TYO:9982) saw its shares rise by more than 9% on Monday, following the company’s announcement that it will be permitted to invest 1 billion yen ($6.26 million) in Bitcoin from the proceeds of an upcoming bond offering.

Metaplanet announced its intention on Monday to use the second series of ordinary bonds, totaling one billion yen, for further BTC purchases, maturing on June 25, 2025, at an annual interest rate of 0.5%.

Metaplanet directors authorize purchase of ¥1 billion of $BTC from bond proceeds

Following the announcement that the bonds will mature on June 26, 2024, and all proceeds will be used to buy Bitcoin, Metaplanet’s stock surged by about 9% and traded 2% higher in the morning session, according to Google Finance.

This action comes after the company recently invested in Bitcoin by purchasing 250 million yen in the digital currency in early June. On June 11, the firm had about 141.07 BTC.

Data from bitcointreasuries.net reveals that Metaplanet has been accumulating Bitcoins gradually, with a purchase made on April 23, May 10, and June 11.

It was in May when Metaplanet shared information about the decision to use Bitcoin as the strategic treasury reserve asset. This decision was attributed to several economic factors that are currently affecting Japan, such as high government debt, negative real interest rates in the long term, and a weak yen.

Metaplanet’s proactive approach reflects a growing trend among companies using Bitcoin to hedge risks amid economic uncertainty and fiat currency devaluation, underscoring their confidence in the cryptocurrency’s stability.

Also Read: Metaplanet Purchases $1.6 Million Worth of 23.35 Bitcoins

News source：https://www.kdj.com/cryptocurrencies-news/articles/metaplanet-authorizes-purchase-m-bitcoin-btc-bond-proceeds.html

The above is the detailed content of Metaplanet Authorizes Purchase of $6.26M of Bitcoin (BTC) From Bond Proceeds. For more information, please follow other related articles on the PHP Chinese website!