Metaplanet, a public consulting firm headquartered in Tokyo, has earmarked more than $6.2 million to purchase Bitcoin for long-term investment.
The company announced on Monday, June 24th, that Metaplanet Inc., headquartered in Tokyo and specializing in hotel and crypto consulting, raised 1 billion yen through the issuance of its second series of ordinary bonds. The funds will be used to purchase Bitcoin for long-term investment purposes.
Metaplanet has previously acquired over 141 BTC, as reported in a separate filing, indicating a continued commitment to Bitcoin as its “strategic treasury reserve asset.
The firm indicated that its fundamental policy is to “hold Bitcoin for the long term,” yet it left open the possibility of utilizing the cryptocurrency for “operations or other purposes.”
In a separate filing, the Tokyo-headquartered firm disclosed that bonds would be offered through EVO FUND, carrying an annual interest rate of 0.5% and maturing on June 25, 2025.
Despite the bonds being unsecured, Metaplanet has secured all monetary claims by setting up a first-priority mortgage on the land and building of Hotel Royal Oak Gotanda, owned by its wholly-owned subsidiary Wen Tokyo Inc. Following this development, Metaplanet’s shares surged over 9% on the Tokyo Stock Exchange, according to data from Google Finance.
In May, Metaplanet announced its decision to begin purchasing Bitcoin, citing ongoing economic pressures in Japan such as high government debt levels, extended periods of negative real interest rates, and a resulting weak yen.
