Metaplanet accelerates Bitcoin acquisition with new $31 million bond issue

Metaplanet Inc. plans to issue ¥5 billion ($31.9 million) in ordinary bonds to accelerate its Bitcoin purchases.

The company announced this in a publication on December 20 in X, adding that the repayment will be made from the exercise of its rights to acquire shares of the twelfth series.

Details of the Ordinary Bonds of the 5th Series

In a separate post, Metaplanet CEO Simon Gerovich said the money raised by the offering will be used to fuel the BTC purchase originally planned for 2025 until the end of 2024.

“These funds will accelerate Bitcoin purchases originally planned for 2025 into the current year.”

The bond issue consists of ¥5 billion in total, divided into units of ¥250 million each. The offer will bear no interest and will be redeemed at face value, with each bond having a value of 100 yen per 100 yen of principal amount. The planned issue date is December 20, 2024, with the maturity date set for June 16, 2025.

The entire guarantee will be assigned to EVO FUND, a private investment entity, and will be subject to repayment provisions. In addition, the bonds can be redeemed early if EVO FUND notifies in writing at least one working day in advance or if the funds from the exercise of the rights to acquire shares of the twelfth series of the listed company in Tokyo reach a specified threshold.

This development follows Metaplanet’s announcement on December 17, 2024, of a ¥4.5 billion ($28.7 million) bond issue that will also mature on June 16, 2025. This means that within days, the company has raised a total of ¥9.5 billion, or about $60.6 million.

Focus on Bitcoin

Metaplanet’s Bitcoin-centric approach aligns with its strategic approach of embracing the asset as a hedge against economic instability. In June 2024, he acquired 23,351 BTC for approximately $1.6 million, followed by 42.4 BTC for $2.4 million, bringing his total holdings to 203.7 BTC.

The company continued to increase its holdings, buying 57,273 BTC for $3.4 million and 106,976 BTC worth $6.6 million in October. Additionally, it made a major purchase of 156.7 BTC in October, valued at $10.4 million.

In addition to its buying strategy, the Japanese investment firm recently established a new business line of Bitcoin treasury operations. This division will focus on buying, holding and managing cryptocurrency through various financial instruments such as loans, equity issuances and convertible bonds.

According to data from BitcoinTreasures, as of December 20, 2024, the suit has 1,142 BTC, valued at approximately $109.6 million. Its stock has also seen notable growth, with shares trading at ¥3,575, reflecting a 58.05% rise in the past month and a 2,134.38% year-to-date increase, according to data from Google Finance.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit: Use this link to register and open a FREE $500 position with any currency!