Metaplanet Inc. Invests in Bitcoin With Latest Acquisition 🌐📈
Metaplanet Inc., a publicly traded company on the Tokyo Stock Exchange (TSE: 3350), has recently made an announcement regarding its latest Bitcoin acquisition. Headquartered in Tokyo, Japan, Metaplanet is a diversified company that operates in various industries, with a focus on technology and finance. Known for its innovative strategies, the company has ventured into emerging technologies like cryptocurrencies.
Strategic Bitcoin Acquisition Process
On 1 July 2024, Metaplanet Inc. initiated a strategic purchase of Bitcoin, starting with an acquisition worth 200 million yen. The specifics of this transaction are as follows:
- Number of Bitcoins Purchased: 20.195 Bitcoins
- Average Purchase Price: 9,903,441 yen per Bitcoin
- Total Amount Spent: 200 million yen
Building Bitcoin Holdings
This latest purchase is part of Metaplanet’s broader strategy to strengthen its holdings in Bitcoin. The company’s total Bitcoin holdings now amount to 161.2677 Bitcoins, with an average purchase price of 10,231,438 yen per Bitcoin. In total, Metaplanet has spent approximately 1.65 billion yen on its Bitcoin acquisitions.
Approval of Bond Issuance for Bitcoin Investment
Metaplanet Inc. announced on 24 June 2024 that its Board of Directors has approved the issuance of its second series of ordinary guaranteed bonds to be allocated to EVO FUND. The issuance aims to raise ¥1 billion, with each bond valued at ¥50 million and carrying an annual interest rate of 0.5%. These bonds will be used to purchase Bitcoin, with payment due on 26 June 2024 and redemption set for 25 June 2025.
Guarantees and Collateral
The principal, interest, and obligations of these bonds are guaranteed by Metaplanet’s Representative Director and President, Simon Gerovich. A contract has been established that includes a first-priority mortgage on Hotel Royal Oak Gotanda, owned by the company’s subsidiary, Wen Tokyo Inc., as collateral. No bond administrator will be appointed as the issuance complies with specific regulatory requirements.
Anticipated Impact
Metaplanet does not expect the bond issuance to have a significant impact on its consolidated performance for the fiscal year ending December 2024. However, the company will provide timely updates if any significant impact is anticipated. In the year-to-date period, Metaplanet’s share price has seen an increase of over 525%.
Hot Take: Metaplanet’s Strategic Move in the Crypto Space 🚀💰
Metaplanet’s recent investments and acquisitions in Bitcoin showcase its commitment to exploring and leveraging the potential of digital assets. With a forward-thinking approach and innovative strategies, the company continues to position itself as a key player in the evolving landscape of cryptocurrencies.
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