The Japanese public company Metaplanet has Announced its decision to issue 1 billion yen ($6.2 million) in 0.5% bonds to buy more Bitcoin.
The Japanese public company Metaplanet has Announced its decision to issue 1 billion yen ($6.2 million) in 0.5% bonds to buy more Bitcoin.
With its recent move, it has taken a page from MicroStrategy’s debt-for-Bitcoin playbook. As reported by U.TodayThe Virginia-based company announced a mammoth $768 million Bitcoin purchase that was funded with the help of its latest convertible note offering.
Metaplanet, which has already been dubbed “Asia’s MicroStrategy,” added the flagship cryptocurrency to its balance sheet in April.
Before moving into Web3 consulting, he was known as a struggling budget hotel operator. Shares of the publicly traded company rose after it made the largest cryptocurrency its main reserve asset.
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Earlier this month, Metaplanet announced that it had acquired another $1.6 million worth of Bitcoin, increasing its holdings to 141.07 Bitcoins.
Reduce exposure to the yen
The adoption of Bitcoin was aimed at reducing the company’s dependence on the Japanese yen, which recently fell to the weakest level against the US dollar since 1990.
In March, the Bank of Japan (BOJ) implemented the first rate hike in 17 years, ending a long streak of negative interest rates. However, he ruled out an aggressive tightening of monetary policy.
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After Japan’s stock market bubble burst in the early 1990s, the country entered a long period of ultra-low interest rates, economic stagnation and even deflation. While Japan remains the world’s fourth largest economy with a high level of prosperity and security, it has fallen far behind other G7 countries. Wages and prices have remained largely the same over the past three decades, while Tokyo is nowhere near the world’s most expensive cities despite regularly topping such lists in the past.
