The board of directors of publicly listed Japanese company Metaplanet has agreed to buy Bitcoin worth 1 billion yen [$6.26 million]. Revealing how the purchase would be funded, the official statement noted,
“The funds for this purchase will be allocated from the capital raised through the issuance of the second series of ordinary bonds.”
Another parallel announcement revealed that the payment date for the bonds is on June 26, 2024. In retrospect, they will carry an interest rate of 0.5% and will mature on June 25, 2025.
The stock of the company shot up on the heels of the announcement. At the end of the day’s trade, it was up 9.2%.
Bitcoin is Metaplanet’s primary treasury reserve asset. Of late, all surplus cash is being diverted towards BTC investments. Dylan LeClair, the Director of Bitcoin Strategy at Metaplanet recently revealed,
“Since Metaplanet announced its Bitcoin strategy on April 9th, 911.6 million shares have traded across 55 trading days. This figure surpasses the 805.5 million shares traded over the entire decade prior, spanning 2,444 trading days from April 8, 2014, to April 8, 2024.”
Earlier this month, Metaplanet shelled out another 250 million yen to buy Bitcoin. Michael Saylor’s business intelligence company, MicroStrategy, has also been ramping up its BTC buys.
Just last week, it announced the purchase of 11.9k additional Bitcoin for $786 million. At the current price of 62,168, the aggregate value of the company’s 226,331 BTC stash is hovering around the $14 billion threshold.
In a recent podcast, Saylor asserted that Bitcoin offers economic immortality. In fact, the MicroStrategy executive sees the largest crypto asset attaining a valuation of $10 million per coin in the future.
