Bitcoin News

Metaplanet, MicroStrategy Double Down on Bitcoin Purchases At $90K

Metaplanet issues fresh bonds worth $11.3 million to mirror MicroStrategy's playbook as BTC price quickly rallied over $90K.
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Metaplanet, MicroStrategy Double Down on Bitcoin Purchases At $90K

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.

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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.

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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.

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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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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