- Japanese firm Metaplanet announces 1 billion yen ($6.2 million) BTC purchase.
- Funds will come from proceeds of a bond issuance.
Metaplanet, a top Japanese investment firm that has recently adopted the Bitcoin strategy by adding BTC to their balance sheet, has announced plans to buy more BTC.
The company is looking to add over $6.2 million more worth of Bitcoin, using funds from an upcoming bond issuance.
Metaplanet to buy more BTC
Per details shared in an announcement, the bond payments are set for June 26, 2024 and Metaplanet will use the proceeds to buy more Bitcoin. It’s a move that would bring its holdings to more than $15 million. The firm holds 141.07 BTC after its recent 250 million yen purchase.
The firm’s Board of Directors confirmed the decision to buy 1 billion yen worth of Bitcoin to add to its balance sheet on Monday.
“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.”
Metaplanet pivoted towards Bitcoin in April, with the initial objective being to adopt BTC as a reserve asset as a way of cutting the firm’s yen exposure. The investment advisor also targets providing access to crypto investing for Japanese investors.
With $9 million in BTC already, Metaplanet’s holdings of the benchmark cryptocurrency pale in comparison to Bitcoin behemoths like MicroStrategy. Following its recent purchase (an additional 11,931 BTC for $786 million) MicroStrategy now holds 226,331 bitcoins acquired for about $8.3 billion.
While a drop in the ocean in comparison, the investment firm’s decision to go the Bitcoin way has attracted positive forecasts from market experts and observers. In most cases, many see this as another potentially huge shift across the market.
Bitcoin traded around $62,440 on Monday morning, about 3% down in the past 24 hours.