Metaplanet will conduct a $29 million bond offering to buy BTC

The company implemented a bitcoin strategy along the lines of MicroStrategy in April of this year

17.12.2024 - 10:25

3 min

What’s new? Japanese Web3 infrastructure provider Metaplanet, which followed the example of MicroStrategy in investing in bitcoin this April, has announced a 4,5 billion Japanese yen ($29,21 million) common bond offering. The company intends to use the funds raised through the sale of securities to buy additional BTC.

Source: X.com

What else is known? A month after the implementation of the bitcoin strategy, Metaplanet’s shares showed the highest growth rate in the Japanese market. The company noted that it aims to strategically strengthen its bitcoin reserves due to the weakening of the local currency.

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According to analysts, the first cryptocurrency will allow the corporation to protect shareholder value in a high-inflation environment

Metaplanet shares are trading under the ticker 3350 on the Tokyo Stock Exchange (TSE) at 4080 JPY or $26,25, having added 2,5% overnight. The monthly increase was 108,4%, and the security is up by 2170% since the beginning of the year.

Metaplanet announced in December that it would distribute $200 000 in bitcoins to shareholders to popularize the use of the asset in the country.

In recent months, more companies have been increasing their bitcoin reserves with proceeds from the securities offering. MicroStrategy itself, which is the largest holder of BTC on its balance sheet among public companies, has raised more than $3 billion in this way this year.

Leading mining companies, including Marathon, which earlier this month bought $1,1 billion worth of bitcoins and increased its accumulation to 40 435 coins, have also started to act similarly. Also in December, Riot raised $525 million and Hut 8 raised $500 million.

Michael Saylor expects Marathon to follow MicroStrategy into the Nasdaq 100

The largest US miner Marathon has been increasing its bitcoin holdings in recent months

As noted by JPMorgan Bank, miners have completely abandoned the sale of mined coins as the profitability of mining the asset declined after the April halving.

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