Metaplanet is doubling down on Bitcoin as it announces a 4.5 billion yen bond issuance to accelerate its crypto expansion plans.
Japan’s Metaplanet is increasing its digital footprint within the cryptocurrency industry as the market continues to attract significant attention from corporate institutions. On Tuesday, the Tokyo-listed publicly traded firm announced it will issue approximately 4.5 billion Yen in bonds to EVO FUND to accelerate its Bitcoin BTC $106 897 24h volatility: 1.8% Market cap: $2.12 T Vol. 24h: $23.21 B expansion plans.
The financial services company disclosed during a Board of Directors meeting held on December 17, 2024.
Metaplanet to Issue 4.5 Billion Yen in Bonds
The 4.5 billion yen bond marks the company’s fourth Series of Ordinary Bond issuance since its adoption of Bitcoin as a strategic reserve asset earlier this year. However, unlike the previous offerings, the new bond will carry no interest rates.
*Metaplanet to issue 4.5 billion yen in Ordinary Bonds to Accelerate Bitcoin Purchases; Repayment to be made from Warrant Exercise Proceeds* pic.twitter.com/oS93rD7uXk
— Metaplanet Inc. (@Metaplanet_JP) December 17, 2024
According to the official document, redemption funds will be paid from the exercise proceeds of previously issued warrants. The bonds are structured with a six-month maturity, with redemption set for June 16, 2025, at their full face value of ¥100 per ¥100 denomination.
The drawdown is scheduled to occur immediately after all guarantee and collateral arrangements are completed. The proceeds from the bond issuance are specifically earmarked for purchasing Bitcoin, aligning with the company’s strategy to ramp up its cryptocurrency reserves.
Once the latest offering is concluded, Metaplanet plans to issue additional bonds in the future totaling up to 5 billion Yen in private placement bonds. The company said the bonds will be issued to the same bondholder (EVO FUND) in one or multiple branches. Like the previous sales, the proceeds from the upcoming offerings will be dedicated to purchasing Bitcoin.
Corporate Bitcoin Purchases
The company has been steadily accumulating the leading crypto asset, currently leading as the largest corporate Bitcoin holder in Asia. Following its last purchase on November 19, its total BTC holdings sit above 1,150 Bitcoin.
Meanwhile, the Japanese firm is not the only financial services firm that has taken a page from MicroStrategy’s playbook to embrace Bitcoin to hedge against inflation and other economic problems that could affect the market.
Last week, Indian Jetking Infotrain made history as the first publicly traded company in the country to join the crypto bandwagon with the acquisition of 12 BTC on December 9. The 77-year-old Indian tech firm joined MicroStrategy, Metaplanet, and others in embracing Bitcoin as a store of value.
This week, MicroStrategy also topped up its holdings with 15,350 Bitcoins between December 9 and December 15 for approximately $1.5 billion. The crypto asset was acquired at an average price of $100,386 per BTC.
In addition to MicroStrategy, Semler Scientific Inc, a healthcare technology firm, purchased 211 BTC, bringing its total bitcoin holdings to 2,084 BTC.
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