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Highlights
- Metaplanet stock price surged past 2,000 JPY following its declaration of bond sale to buy BTC.
- Since May 2024, Metaplanet has acquired over 1,000 BTC through direct purchases and Bitcoin options trading, and generated a BTC yield of 155% last quarter.
- MicroStrategy Chairman Michael Saylor hinted at further Bitcoin purchases while keeping the suspense alive.
Japan stock exchange-listed firm Metaplanet has issued another round of one-year bonds and will purchase more Bitcoins through these proceeds. The Japanese firm has been following the footsteps of MicroStrategy and has been on a Bitcoin acquisition spree since May 2024. The company’s stock price surged past 2,000 JPY levels again on Monday.
Metaplanet Issues $11 Million Bonds to Buy More Bitcoins
Metaplanet decides to issue ¥1.75 billion ($11.3 million) in one-year bonds with a 0.36% coupon rate, as per an official announcement by Japan’s MicroStrategy on November 18.
The company added that the funds raised with this issuance will go towards increasing its Bitcoin holdings on the balance sheet. As a result, the Metaplanet stock surged past the crucial resistance of 2,000 JPY. However, it couldn’t sustain much beyond that after facing strong resistance.
Amid its continuous purchases over the past few months, the company has taken its Bitcoin holdings to more than 1,000 BTC. Part of this holdings also comes with the company’s smart strategy of trading Bitcoin options.
Now with the latest bond sale, it would plan to add further in its holdings. At the current price of $90,000, it would mean adding 122 Bitcoins more to its reserve. Additionally, Metaplanet generated BTC yield of 155% on its purchases during the last quarter.
MicroStrategy’s Michael Saylor Hinted At More BTC Purchases
In a recent post on the X platform, MicroStrategy Executive Chairman Michael Saylor hinted at buying more BTC. Last Monday, the company announced buying 27,200 BTC additionally worth $2 billion, bringing MicroStrategy’s total Bitcoin holdings to 279,420 BTC.
I think https://t.co/meaZhpFNq9 needs even more green dots. pic.twitter.com/Rs5hgrnbAm
— Michael Saylor⚡️ (@saylor) November 17, 2024
Commenting on Saylor’s indication, Dylan Leclair, who leads the Bitcoin acquisition strategy for Metaplanet wrote: “Let’s guess. I’m saying ~25,000 more $BTC announced for $MSTR before Monday’s open”.
Michael Saylor has also been pushing for having a US strategic Bitcoin reserve stating that it could reduce the country’s national debt by $16 trillion. Amid the growing acceptance and push by US lawmakers in the Trump administration, more and more corporations could acquire BTC as part of their reserves. In a bullish push for the asset, Robert F. Kennedy Jr. said “Bitcoin is the currency of freedom” as he expressed support for Howard Lutnik as Treasury Secretary.
At press time, the BTC price is trading at 1.32% up at $91,954. As per analysts, a daily close above $91,900 could set the stage for the BTC price rally to $100K.
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