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Metaplanet raises $29 million to buy Bitcoin and stock soars
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The Japanese company Metaplanet raised an additional 4.5 billion Japanese yen through the issuance of ordinary bonds to buy more Bitcoin (BTC). Based on the current yen exchange rate, the value corresponds to approximately US$29.2 million.
According to the company, the bonds will be interest-free, the same strategy adopted by MicroStrategy to finance its purchases. These issues have a maturity date of June 16, 2025, and are therefore short-term securities.
Although the issue value is modest, the market approved the company’s new strategy, which began in November. In the last trading session of the Tokyo Stock Exchange, Metaplanet shares surpassed historic highs and closed the day worth 4,080 yen, making the company’s market value reaches US$ 1 billion.
Since the beginning of 2024, Metaplanet shares rose 2,300%especially after the company started acquiring BTC for its cash. The company made its last BTC purchase in November, when it acquired US$28 million and surpassed the 1,000 BTC cash mark.
Debt issuance to buy Bitcoin
This Tuesday (17), Metaplanet announced the issuance of new Ordinary Bonds to raise funds for Bitcoin purchases. This is the fourth issue the company has made and the first in almost a month.
In its notice, the company, which has earned the nickname “MicroStrategy from Japan” because of this strategy, stated that it plans to issue up to 4.5 billion yen in bonds. Each bond will be valued at 2.5 billion yen, about $16.2 million based on the current exchange rate.
Additionally, the Japanese technology company also said it plans issue additional ordinary bonds (private placement bonds) totaling up to 5 billion yen. However, the company did not issue details about the new titles.
These emissions are part of a larger Metaplanet plan that involves raising more than US$60 million in debt.
Even without revealing details, the company’s share registered an all-time high of 4,270 yen at the close of the Tokyo Stock Exchange. In just the last five trading sessions, the stock price has risen 51%, extending its annual gains to 2,300%.
Metaplanet CEO Simon Gerovich announced major achievements for the company. In addition to the record price, the trading volume of shares reached 27.8 billion yen (around US$ 180 million) and also broke a historic high.
Metaplanet raises $29 million to buy Bitcoin and stock soars
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Metaplanet raises $29 million to buy Bitcoin and stock soars
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Metaplanet raises $29 million to buy Bitcoin and stock soars
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Metaplanet raises $29 million to buy Bitcoin and stock soars
