Japanese Firm Metaplanet to Sell 1B Bonds to Acquire Additional Bitcoins

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Metaplanet Inc., a Tokyo-based investment and consulting firm, has announced plans to issue 1 billion yen ($6.26 million) worth of bonds to fund the purchase of Bitcoin.

According to a notice released on Monday, June 24, the firm’s board has approved the move and the Bitcoin will be acquired for long-term investment purposes.

The bonds will pay an annual interest rate of 0.5%. Following this announcement, Metaplanet’s shares rose by 11.5%, reaching 96 yen ($0.60) on Monday.

This adds to the already significant growth the company’s stock has experienced this year, with a 500% increase in value, according to Google Finance.

Meanwhile, the price of Bitcoin has faced a decline, hitting a 40-day low and dropping by 2.6% in the past day to $62,733.