TL;DR
- Metaplanet issued bonds for $21.25M to buy more Bitcoin, adding to its recent purchase of 555 BTC for $53.4M.
- The company could add 206 more BTC and now leads among public firms in Asia with 5,555 Bitcoin in its portfolio.
- Metaplanet launched a subsidiary in Florida to raise $250M and expand its crypto strategy in U.S. markets.
Metaplanet continues to accumulate more and more Bitcoin. The Japanese firm has carried out a new bond issuance worth $21.25 million. The company will allocate all of these funds to purchase more BTC, following the same strategy it has maintained since April. The announcement was made after a board meeting held on May 9.
The operation involves the issuance of zero-coupon bonds, a method that allows investors to buy them at a discount and redeem their full value upon maturity. Additionally, the company confirmed the allocation of subscription rights to EVO Fund, an investment fund based in the Cayman Islands, with a redemption date of November.
At current prices, if the offering reaches its goal, Metaplanet could add around 206 additional Bitcoins. This decision comes just two days after spending $53.4 million to acquire 555 BTC at an average price of $96,134. With this operation, the firm has accumulated a total of 5,555 Bitcoin, purchased for a total of $481.5 million at an average price of $86,672 per unit.
Previously, Metaplanet also announced the issuance of $25 million in bonds for the same purpose and formalized the creation of Metaplanet Treasury, a subsidiary based in Florida. The goal of this subsidiary is to raise $250 million in U.S. markets to fund new Bitcoin purchases and operate in a more flexible regulatory environment.
Other Companies Are Following the Model of Metaplanet and Strategy
Currently, the firm is leading among public companies in Asia in terms of Bitcoin volume in its portfolio and ranks 11th globally, according to data from BitcoinTreasuries.NET. The value of its stock has soared over 1,600% in the last year, reaching 511 yen, equivalent to $3.50.
Metaplanet’s growth reflects a trend gaining momentum among many public companies, which are starting to add Bitcoin to their balance sheets. Recently, Strive Asset Management announced that it will adopt this treasury model, while GameStop completed a convertible debt offering for $1.5 billion, with some of those funds earmarked for Bitcoin purchases
