Japanese Company Metaplanet Issues Bonds to Buy Bitcoin
Metaplanet, a Japanese firm, is set to issue ¥1 billion ($6.2 million) in bonds with a 0.5% interest rate to fund its Bitcoin purchases.
This move mirrors MicroStrategy’s strategy of using debt to acquire the cryptocurrency. Recently, MicroStrategy announced a $768 million Bitcoin buy, financed through a convertible note offering.
Metaplanet, now dubbed “Asia’s MicroStrategy,” initially added Bitcoin to its reserves in April. The company, previously struggling with low-budget hotels, saw its shares surge after making Bitcoin its primary reserve asset.
Earlier this month, it bought an additional $1.6 million in Bitcoin, bringing its total holdings to 141.07 BTC.
READ MORE: Michael Saylor Highlights Bitcoin’s Remarkable Returns and Current Challenges
This strategic shift aims to reduce Metaplanet’s dependency on the Japanese yen, which has hit a 30-year low against the U.S. dollar.
Despite the Bank of Japan’s recent interest rate hike, economic stagnation and deflation have plagued Japan since the early 1990s. While Japan remains economically strong, it has lagged behind other G7 nations, with stagnant wages and prices over the past three decades.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
