Metaplanet Raises $11.3M Through Debt Sales to Acquire More BTC

Publicly traded Japanese investment company Metaplanet announced today that it has raised over $11.3 million from issuing the third series of ordinary bonds. The cash obtained from the sale will be funneled into the firm’s BTC stash.

*Metaplanet Issues ¥1.75 Billion in 1-year 0.36% Bonds, Proceeds to Fund Additional Purchases of $BTC* pic.twitter.com/Jv3IEylplA

— Metaplanet Inc. (@Metaplanet_JP) November 18, 2024

Metaplanet to Acquire More BTC

Investors participating in this fundraising mechanism typically give loans to the issuing company with the expectation of repayment at a specific time with a fixed interest rate. The company’s disclosure, which revealed details of the sale, showed that the one-year bonds were offered at an annual interest rate of 0.36% and will be redeemable on November 17, 2025.

Metaplanet stressed that the entirety of the funds will finance its BTC acquisition spree. Recall that the Japanese firm acquired over 156 BTC in late October 2024, taking its total holdings to 1018.17 BTC. Last month alone, the company bought hundreds of BTC four times, showing its commitment to accumulating the leading crypto asset.

Notably, Metaplanet’s latest debt security offering mimics that of the American business intelligence firm MicroStrategy. Since 2020, MicroStrategy has raised cash from various forms of debt security, such as convertible notes and senior secured notes. A majority of these funds are dedicated to the company’s BTC purchases.

In September, the American firm bought 7,420 BTC after offering over $1 billion worth of convertible senior notes to investors. Earlier this month, MicroStrategy acquired 27,200 BTC using over $2 billion. At the time of writing, its BTC stash sits at 279,420 BTC, worth over $25.65 billion at bitcoin’s current price.

If Metaplanet buys BTC using the latest cash it raised, the Japanese firm’s BTC stash will soar to 1,141.39 BTC. This could occur only if the company buys the leading crypto at its current price above $91,800.

BTC Sells Above $91K

Last week, BTC saw meteoric growth to a price high of $93,400 for the first time ever. After several price correction days later, the leading crypto asset exchanged hands with $91,800 at press time.