Metaplanet plans buying more Bitcoin

The Japanese investment firm Metaplanet is expanding its crypto treasury by issuing additional bonds, following its most recent acquisition of Bitcoin

Japanese investment firm Metaplanet plans to buy more Bitcoin (BTC) after disclosing its latest purchase of the cryptocurrency.

The company said in a statement on Tuesday that it would issue new bonds to expand its crypto treasury.

Metaplanet plans to buy more Bitcoin

The Tokyo-listed company announced that it would issue 0 percent Ordinary Bonds for a total amount of $21 million. The bonds will be issued at an exceptionally low interest rate of 0 percent per annum and will mature in 2028.

The company also announced that it would issue 14th Stock Acquisition Rights to Cayman Islands investment management company EVO Fund at an issue price of 1 yen per unit. The company’s board of directors approved the investment in Bitcoin by U.S. subsidiary Metaplanet Treasury, Inc. at its meeting on May 9.

The company revealed on Monday that it had purchased 555 Bitcoin at an average price of $96,134, paying a total of $53.4 million. The business currently owns 5,555 Bitcoin, which were acquired for $481.52 million at an average price of $86,672.

Earlier this week, the company announced that it would issue $25 million in zero-coupon bonds to finance additional Bitcoin purchases.

Metaplanet Treasury, a fully owned US subsidiary in Florida, was founded by Metaplanet to expand its Bitcoin strategy and gain access to US capital markets.

The company aims to raise up to $250 million through the sale of securities to sophisticated investors in the U.S.

As a result of Michael Saylor’s company’s Strategy, formerly MicroStrategy, an increasing number of businesses have chosen to include Bitcoin on their balance sheets.