Japanese Bitcoin treasury firm Metaplanet is planning to issue ¥3.6 billion ($23 million) worth of bonds to raise funds for purchasing more Bitcoin (BTC).
This will be the 12th time the company is issuing bonds, aiming to accumulate a larger Bitcoin reserve. The company has already managed to amass over 5,000 BTC for its treasury.
Earlier this year, Metaplanet launched a subsidiary called Metaplanet Treasury Corp in Miami, Florida, to concentrate on acquiring Bitcoin. The subsidiary is funded with $250 million in operating capital.
The company's bold strategy is part of a broader trend among Bitcoin firms to buy the cryptocurrency at lower levels in anticipation of future price surges.
In other news, Strategy is continuing its Bitcoin buying spree, having recently acquired 15,355 BTC for $1.4 billion. The firm's crypto holdings have now reached 110,000 BTC, valued at over $2.38 billion.
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