$6.3 million Bitcoin purchase by Metaplanet: objectives are to reduce exposure to the yen and the Japanese financial system.
On June 24, the Japanese investment company Metaplanet Inc. announced its intention to purchase additional bitcoin worth $6.3 million. The funds for the acquisition will be sourced from the proceeds of a 1 billion yen bond issuance scheduled for June 26. The bonds will have an annual interest rate of 0.5% and will mature on June 25, 2025. This move will allow the company to increase its bitcoin reserves to approximately $15 million.
Metaplanet began purchasing bitcoin last April, with the aim of protecting its financial and fiscal position from market turbulence related to the devaluation of the yen. Currently, the company holds 141.07 bitcoin.
Following the announcement, the Tokyo-listed company saw its shares rise by 12.2% during the morning trading session.
