Metaplanet to Issue 1 Billion Yen in Bonds to Buy Bitcoin Amidst Soaring Stock Prices

Tokyo-based investment and consulting firm Metaplanet plans to issue 1 billion yen ($6.26 million) in bonds to raise funds for buying Bitcoin. The firm’s board approved this move, stating that the Bitcoin will be held for the long term. Additionally, a separate notice mentioned that the bonds would offer an annual interest rate of 0.5%. On Monday, Metaplanet’s shares rose by 11.5%, reaching 96 yen ($0.60). This increase continues the stock’s impressive over 500% gain so far this year, according to Google Finance. In contrast, Bitcoin has recently hit a 40-day low, dropping 2.6% in the past day to $62,733