Japanese firm Metaplanet just topped off their Bitcoin stash.
On July 22, Japanese investment and consulting firm Metaplanet announced the acquisition of an additional 20.38 Bitcoin, valued at approximately $1.2 million (200 million yen), completing its plan to purchase 1 billion yen worth of Bitcoin revealed in June.
In the statement released, the Tokyo-listed company announced plans to purchase additional Bitcoin by issuing a second series of ordinary bonds with guarantees.
In June, the company stated it would issue bonds worth 1 billion yen (around $6.26 million) to fund its Bitcoin purchases. The firm reiterated its commitment to a long-term Bitcoin holding strategy.
The bonds, amounting to 1 billion yen, will carry an annual interest rate of 0.5% and will mature on June 25, 2025. According to a separate announcement, the payment date for the bonds is set for June 26, 2024. The company stated, “The funds raised will be used to purchase Bitcoin.”
Metaplanet first announced on April 8 that it would adopt Bitcoin as a core treasury asset, initially committing $6.5 million to the purchase. The company described this move as a milestone in its objective to become a “pioneer in the adoption of digital assets in Japan.”
Due to Metaplanet’s 1 billion yen Bitcoin purchase plan, the company acquired 104.91 BTC at an average price of 9,531,162 yen (approximately $60,700) per Bitcoin. This brings the company’s total Bitcoin holdings to 245.99 BTC, currently valued at $16.5 million.
Metaplanet’s recent purchase and the surge in Bitcoin’s price appear to have positively impacted the company’s stock. According to Google Finance data, shares rose by 19.31% to 173 yen ($1.10) shortly after the announcement.
Since its initial investment in Bitcoin, Metaplanet’s share price has increased from approximately $0.12 to $1.10, marking an 810% rise since the announcement on April 8.
