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Metaplanet Follows MSTR's Lead, Announces $11.3M Debt Sale for Additional Bitcoin Purchases
Tokyo-listed Metaplanet has announced a debt sale to boost its bitcoin {{BTC}} stash, following the lead of U.S.-listed business intelligence firm MicroStrategy.
On Monday, Metaplanet announced on X that it is issuing one-year ordinary bonds with a guarantee totaling 1.75 billion yen ($11.3 million) for an annual interest rate of 0.36%. The funds raised will be used entirely to snap up BTC.
Metaplanet started buying BTC in April this year as a hedge against Japan's debt issues and volatility in the yen. Since then, it has accumulated 1,018 BTC worth $92.33 million, according to data source Bitcoin Treasuries. The company has also used options strategies to boost its holdings.
Still, Metaplanet's BTC balance is a far cry from MSTR's stash of 279,420 BTC.