Updated: June 24, 2024, 12:48 AM EDT
Japanese investment firm Metaplanet Inc.’s shares fell Monday morning after its board of directors agreed to purchase 1 billion yen ($6.26 million) worth of bitcoin using capital raised through an upcoming bond issue. It soared by more than 12%.
in name The Tokyo-listed company announced on Monday that it plans to buy additional bitcoin by issuing a second series of ordinary bonds with warrants.
According to separate standards, a total of 1 billion bonds will be provided at an interest rate of 0.5% per annum and will expire on June 25, 2025. presentation. The bond payment date is June 26, 2024. “The funds raised will be used to purchase Bitcoin,” the company said.
Shares of Metaplanet surged about 12.2% in the morning session, according to Google Finance.
Metaplanet’s latest move to issue bonds to buy Bitcoin comes after the company purchased Earlier this month, 250 million yen worth of Bitcoin was added. company said On June 11th, I held approximately 141.07 BTC. Data from Bitcointreasuries.net showed Metaplanet previously purchased Bitcoin on April 23, May 10, and June 11.
Last May, the company announced that it had begun adopting Bitcoin for its business. Strategic Financial Reserve Assets. “This action is a direct response to Japan’s ongoing economic pressures, particularly high government debt levels, prolonged negative real interest rates and the resulting weakening yen,” the company said at the time.
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