Japan's Metaplanet Wants to Buy Another $6M Bitcoin

The firm will purchase over $6.2 million worth of bitcoin using proceeds from an upcoming bond issuance, adding to its BTC coffers.

Japan's Metaplanet to Buy Another $6M Bitcoin

input: Metaplanet Inc. (3350:JP) announced on Monday that its board of directors has decided to purchase 1 billion yen (about $6.2 million) worth of bitcoin at today's market price.

“While our basic policy is to hold Bitcoin for the long term, if we use Bitcoin for operations or other purposes, the corresponding Bitcoin balance will be recorded as current assets on the balance sheet,” the company said in a statement.

The funds for the purchase will come from an upcoming bond issuance on Wednesday. The bonds will have an annual interest rate of 0.5% and will mature on June 25, 2025.

Stock prices jumped as much as 12% in Tokyo trading hours following the statement, according to data from Yahoo Finance.

Metaplanet began purchasing bitcoin in April to reduce yen exposure and to offer Japanese investors access to crypto with a preferential tax structure. The company officially adopted BTC as a reserve asset in May and went on to purchase another $1.6 million worth of the token in June.

According to data from Bitcointreasuries, Metaplanet now holds 141 BTC and is the largest corporate holder of bitcoin in Japan.

Bitcoin is down 3% in the past 24 hours and trades at $63,200 as of Asian afternoon hours.output: Meta (3350) to Buy Another $6M Bitcoin

News source：https://www.kdj.com/cryptocurrencies-news/articles/japan-metaplanet-buy-m-bitcoin.html

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