tl;dr
Japanese public company Metaplanet has issued two billion yen ($13.3 million) worth of zero-interest bonds to fund future Bitcoin purchases. The bonds will be redeemed at full face value on Sept. 30. CEO Simon Gerovich stated that the company is "buying the dip" as the price of Bitcoin slipped to an...
Japanese public company Metaplanet has issued two billion yen ($13.3 million) worth of zero-interest bonds to fund future Bitcoin purchases. The bonds will be redeemed at full face value on Sept. 30. CEO Simon Gerovich stated that the company is "buying the dip" as the price of Bitcoin slipped to an intraday low of $81,362. Metaplanet has emerged as the top Asian holder of Bitcoin, with $267 million worth of Bitcoin following its latest purchase, surpassing U.S.-based mining company Semler Scientific.
Despite the announcement, shares of Metaplanet are down 8.03%, and Japan's Nikkei has plunged by 4%. In 2024, Metaplanet became Japan's best-performing stock due to its Bitcoin pivot, but its shares are only up 12.17% year-to-date, indicating a stalled rally. Additionally, American videogame retailer GameStop experienced a share collapse after announcing a debt-for-BTC offering.
Metaplanet has now emerged as the top Asian holder of Bitcoin, outpacing Chinese game developer Boyaa Interactive and mining firm Cango. After its most recent Bitcoin purchase, the firm now holds $267 million worth of Bitcoin. This impressive sum puts it above the U.S.-based mining company Semler Scientific. Shares of Metaplanet are down 8.03% despite the announcement. Japan's Nikkei has plunged by 4%, reaching its lowest level in nearly eight months amid escalating global trade tensions.
In 2024, Metaplanet famously ended up being Japan's best-performing stock, outperforming a plethora of other public companies due to its Bitcoin pivot. However, the company's shares are up only by a modest 12.17% on the year-to-date basis, which indicates that the rally has mostly run out of steam. Meanwhile, the Bitcoin bet of American videogame retailer GameStop recently backfired, with its shares collapsing after the company announced a debt-for-BTC offering.