Metaplanet to Raise $11.3M for Bitcoin Acquisition Through Debt Offering
Metaplanet plans to bolster its Bitcoin holdings by issuing $11.3 million in bonds, following MicroStrategy's approach.
Metaplanet, a company listed in Tokyo, has recently announced plans to sell debt in order to enhance its Bitcoin holdings. Taking inspiration from MicroStrategy, the firm intends to issue one-year bonds totaling 1.75 billion yen (approximately $11.3 million) at an interest rate of 0.36% per year.
The funds raised from this debt sale will be exclusively directed towards purchasing Bitcoin (BTC). As of now, Metaplanet holds over 1,000 BTC, which is valued at around $92.33 million based on current market data from Bitcoin Treasuries. This strategic approach began in April as a response to Japan's debt challenges and yen volatility, utilizing various strategies to amplify their BTC holdings.
Despite this increase, Metaplanet's current Bitcoin balance is significantly lower than MicroStrategy's substantial reserve of 279,420 BTC.
Cityscape Tokyo, Japan (Ryo Yoshitake/Unsplash)
