Japan’s Metaplanet Wants to Buy Another $6M Bitcoin

Metaplanet plans to increase its bitcoin holdings by purchasing an additional $6 million in BTC on top of its existing $9 million investment.

Financing of the purchase will be provided by the bond issue to be held on Wednesday. Following the announcement, stock prices rose 12%.

Japan-based investment advisor Metaplanet plans to increase its Bitcoin {{BTC}} holdings by another $6 million worth of tokens, according to a statement made on Monday. The firm currently owns $9 million worth of Bitcoin.

“Metaplanet Inc. (3350:JP) announces that the Board of Directors has decided to purchase 1 billion yen worth of Bitcoin as of today’s meeting.” “While our basic policy is to hold Bitcoin for the long term, if we use Bitcoin for operations or other purposes, the corresponding Bitcoin balance will be recorded as current assets on the balance sheet.”

Funding for the purchase is being sought from a bond issue on Wednesday. These have an annual interest rate of 0.5% and will mature on June 25, 2025. Following the announcement, stock prices rose as much as 12% during Tokyo trading hours, according to Yahoo Finance data.

Metaplanet began buying Bitcoin in April to reduce yen exposure and offer Japanese investors access to crypto with a preferential tax structure. It officially recognized BTC as a reserve asset in May and purchased another worth $1.6 million in June.

According to Bitcointreasuries data, Metaplanet held 141 BTC as of Monday and is now the largest institutional holder of bitcoin in Japan.

Bitcoin is down 3% in the last 24 hours and is trading at $63,200 in Asian afternoon hours.