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Home»ADOPTION NEWS»Japanese company Metaplanet Inc. purchases $6.3 million worth of Bitcoin through bond issuance
ADOPTION NEWS

Japanese company Metaplanet Inc. purchases $6.3 million worth of Bitcoin through bond issuance

By Crypto FlexsJune 24, 20242 Mins Read
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Japanese company Metaplanet Inc. purchases .3 million worth of Bitcoin through bond issuance
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Company • June 24, 2024 12:44 AM EDT

Posted 1 minute ago In ~

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.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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