Metaplanet Issues $11.3 Million in Bonds to Expand Bitcoin Holdings Amid BTC Rally Above $90K
Highlights:
- Metaplanet’s stock price surpassed 2,000 JPY after announcing a bond sale to fund Bitcoin purchases.
- Since May 2024, the company has acquired over 1,000 BTC through direct buys and Bitcoin options, achieving a 155% BTC yield last quarter.
- MicroStrategy Chairman Michael Saylor hints at further Bitcoin acquisitions, fueling speculation.
Japan-listed Metaplanet has announced the issuance of one-year bonds to purchase additional Bitcoin, following a strategy similar to MicroStrategy’s. Since May 2024, Metaplanet has actively acquired Bitcoin, leading to a sharp rise in its stock price, which recently crossed 2,000 JPY.
Metaplanet’s $11 Million Bond Issuance
Metaplanet plans to raise ¥1.75 billion ($11.3 million) through one-year bonds at a 0.36% coupon rate, as per its November 18 announcement. The funds will be used to bolster Bitcoin holdings on its balance sheet. Following the news, Metaplanet’s stock price briefly exceeded 2,000 JPY but faced resistance, preventing further gains.
Over the past months, Metaplanet’s Bitcoin holdings have exceeded 1,000 BTC, supported by strategic Bitcoin options trading. The latest bond sale is expected to add another 122 BTC to its reserves, with current Bitcoin prices around $90,000. Notably, Metaplanet achieved a 155% yield on its Bitcoin purchases in the last quarter.
MicroStrategy’s Continued Bitcoin Purchases
MicroStrategy Executive Chairman Michael Saylor hinted at further Bitcoin acquisitions in a recent post on X (formerly Twitter). Last Monday, MicroStrategy announced the purchase of an additional 27,200 BTC worth $2 billion, increasing its total holdings to 279,420 BTC.
Dylan Leclair, who heads Metaplanet’s Bitcoin strategy, speculated on Saylor’s plans, predicting another acquisition of around 25,000 BTC for MicroStrategy.
Saylor has also advocated for the U.S. to establish a strategic Bitcoin reserve, arguing it could cut the national debt by $16 trillion. Amid growing support for Bitcoin in the U.S., several corporations may consider adding Bitcoin to their reserves. Recently, Robert F. Kennedy Jr. described Bitcoin as “the currency of freedom,” endorsing Howard Lutnik for Treasury Secretary.
At the time of writing, Bitcoin is trading at $91,954, up 1.32%. Analysts suggest that a daily close above $91,900 could pave the way for Bitcoin to surge past $100,000.
