Tokyo-based Metaplanet Inc. For investment and advisory plans to issue bonds worth…

Plans by Tokyo-based Metaplanet Inc. Investment and Consulting Co. Ltd. will issue bonds worth 1 billion yen ($6.26 million) to raise funds to buy Bitcoin.

The company said in a statement released Monday (June 24) that its board of directors approved the move and that Bitcoin (BTC) would be a “long-term hold.” In a separate joint notice, the bonds will pay an annual rate of 0.5%.

Shares of Metaplanet rose 11.5% on Monday to trade at 96 yen ($0.60), extending the more than 500% gain its stock price has seen so far this year, according to Google Finance.

Metaplanet’s share price hit 104 yen ($0.65) on Monday when trading resumed after lunch. Source: Google Finance

Meanwhile, Bitcoin hit its lowest level in more than 40 days, falling 2.6% over the past day to $62,733 after touching nearly $72,000 in early June, according to CoinGecko data.

If Metaplanet purchased 1 billion yen worth of Bitcoin today, it would receive approximately 100 BTC, or approximately 99.84 BTC.

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The planned purchase will be added to the existing pool of cryptocurrency, which stood at 141.07 BTC after Metaplanet announced on June 11 that it had raised 23.25 BTC.

He first purchased 117 bitcoins in mid-May, saying he was taking a “bitcoin first, bitcoin only approach” to his treasury in “direct response to current economic pressures in Japan.”

In its latest holdings report released earlier in June, Metaplanet said the average purchase price was 10.28 million yen, or $65,365 per bitcoin, meaning it would now be lower than its strategic level.

Its purchase of Bitcoin and subsequent rise in stock price drew comparisons to MicroStrategy’s US strategy.

The American software company holds the record for the public company holding the most bitcoins, with 214,400 bitcoins worth $13.4 billion, according to Bitbo data.

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