Tokyo-based investment and consulting firm, Metaplanet, has announced its plan to issue 1 billion yen ($6.26 million) worth of bonds in order to raise funds for the purchase of Bitcoin. The company stated that the Bitcoin would be held for the long term. The bonds will offer an annual interest rate of 0.5%. Metaplanet’s shares rose by 11.5% on Monday and are currently trading at 96 yen ($0.60), marking a significant increase of over 500% since the beginning of the year, according to Google Finance.
Metaplanet reached a peak of 104 yen ($0.65) on Monday following the resumption of trading after lunch. In contrast, Bitcoin has experienced a significant decline, reaching a 40-day low and dropping by 2.6% in the past day to $62,733. This decrease comes after Bitcoin almost reached $72,000 in early June, as reported by CoinGecko.
If Metaplanet were to purchase 1 billion yen worth of Bitcoin at the current price, they would acquire approximately 99.84 BTC. This purchase would add to their existing crypto holdings, which currently stand at 141.07 BTC. Metaplanet had previously announced the acquisition of 23.25 BTC on June 11, following an initial purchase of 117 BTC in mid-May. The company stated that this approach was a direct response to the ongoing economic challenges in Japan.
Metaplanet’s buying strategy and the subsequent surge in their share price has drawn comparisons to MicroStrategy, a renowned software company in the United States. MicroStrategy holds the record for the highest Bitcoin holdings among public companies, with 214,400 BTC valued at $13.4 billion, according to Bitbo data.
In other news, blockchain games have experienced mixed results in the third quarter, with Unioverse and Immutable leading the way. Additionally, the Upland token, which operates on the Ethereum blockchain, has gained traction in the market.