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Metaplanet Follows MicroStrategys Footsteps, Announces $12M Bond Issuance To Buy More Bitcoin

Metaplanet Follows MicroStrategys Footsteps, Announces $12M Bond Issuance To Buy More Bitcoin
© Copyright Image: ZyCrypto

Japanese public company Metaplanet has announced the issuance of a new series of one-year ordinary bonds worth 1.75 billion yen (approximately $12 million) to purchase additional Bitcoin (BTC).

The investment firm has adopted the playbook of U.S.-listed business intelligence firm MicroStrategy by borrowing money at a low interest rate to boost its holdings of the largest cryptocurrency.

Metaplanet Is Raising Debt To Buy More BTC

Tokyo-listed Metaplanet revealed on Nov.18 that its board of directors had decided to issue bonds at an interest rate of 0.36%, with the funds raised intended to scoop up Bitcoin.

Each bond the company offers is priced at ¥43.75 million, or around $283,031. The redemption date is scheduled for Nov. 17, 2025.

More Bitcoin purchases incoming, Metaplanet CEO Simon Gerovich declared in an X post.

Metaplanet took a page out of MicroStrategys playbook of putting Bitcoin on its balance sheet back in April when it purchased 1 billion yen worth of BTC following its May announcement to adopt the alpha crypto as a strategic treasury reserve asset.

Asias Second Largest Bitcoin Holder

Its latest disclosure revealed that the firm currently holds 1,018.17 BTC, worth around $93.49 million at current market prices making it Asias second-largest corporate Bitcoin holder.

Metaplanet has been dubbed Asias answer to MicroStrategy, the largest public holder of Bitcoin, even though the formers BTC stash is currently a far cry from that of its inspiration. MicroStrategy currently holds a staggering 279,420 Bitcoin, worth around $25.6 billion, as BTC has scaled to an all-time high above $93,400.

MicroStrategy, based in Tyson, Virginia, started purchasing Bitcoin in late 2020 to fetch the best results for shareholders instead of holding excess fiat cash. As a result, its share price has skyrocketed, and now the company, which sells data-analyzing software, has rebranded itself as a Bitcoin development company.

Read more: https://zycrypto.com/metaplanet-follows-microstrategys-footsteps-announces-12m-bond-issuance-to-buy-more-bitcoin/

Text source: ZyCrypto

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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