On 1 July 1 2024, Metaplanet Inc., a publicly traded company on the Tokyo Stock Exchange (TSE: 3350), made an announcement regarding their latest Bitcoin acquisition.
Metaplanet Inc., headquartered in Tokyo, Japan, is a multifaceted company that engages in diverse industries, primarily focusing on technology and finance. The company is publicly traded on the Tokyo Stock Exchange under the code 3350. Metaplanet is known for its forward-thinking strategies and investments, including ventures into emerging financial technologies like cryptocurrencies.
Today’s announcement follows their previous disclosure on 24 June 2024, where the company revealed plans to purchase Bitcoin worth 1 billion yen as part of their strategic investment into digital assets.
Metaplanet Inc. has initiated the purchase process, 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
This purchase is part of a broader strategy by Metaplanet to strengthen its holdings in Bitcoin. The company’s total Bitcoin holdings now stand at 161.2677 Bitcoins, with an average purchase price of 10,231,438 yen per Bitcoin. The cumulative amount spent on their Bitcoin acquisitions is approximately 1.65 billion yen.
The Japanese firm announced on 24 June 2024 that its Board of Directors has approved the issuance of its second series of ordinary guaranteed bonds, which will 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 utilized to purchase Bitcoin, with payment due on 26 June 2024 and redemption set for 25 June 2025.
The principal, interest, and any obligations of these bonds are guaranteed by Metaplanet’s Representative Director and President, Simon Gerovich, under a contract that also establishes 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 meets specific regulatory requirements.
Metaplanet does not expect this bond issuance to significantly impact its consolidated performance for the fiscal year ending December 2024. If any significant impact is anticipated, the company will provide timely updates.
In the year-to-date period, the company’s share price has gone up over 525%.
Featured Image via Pixabay