The Tokyo-based company said in a regulatory filing that the Series 12 ordinary bonds will be sold entirely to the EVO fund without interest and mature on October 31, 2025. The bonds will be issued at a price of 90 million yen per unit and exchanged at face value.
“The proceeds raised through this offering will be distributed to the purchase of Bitcoin,” Metaplanet said in the filing, noting that the funds are consistent with plans for January regarding its series of stock acquisition rights disclosures.
The company is expected to fund redemption of bonds by capital raised from its Series 15-17 stock acquisition rights. Bondholders may request early redemption by providing written notice at least one business day before the required redemption date.
Metaplanet has accumulated over 5,000 BTC, and recently added 145 bitcoins in mid-April for $13.6 million. The latest bond issuance supports the company’s ambitious goal of reaching 21,000 BTC by 2026.
The bond issuance represents another strategic step in its Bitcoin acquisition plan. The company recently supported its Bitcoin focus by adding BTC Inc. CEO David Bailey to its advisory board.
If the gains of the stock acquisition rights exceed a certain threshold, Metaplanet reserves the option to initiate early bond repayments in increments of 90 million yen. The company’s shares closed at 8.6% at 428 yen on Thursday’s trade.
This move is amid the growth of adoption of institutional Bitcoin in Japan and around the world. Bitcoin is currently trading over $97,000, and companies like Semler Scientific have also recently expanded their holdings by buying $15.7 million of 165 BTC. At press time, Metaplanet has not disclosed whether to use any new bond proceeds to acquire other Bitcoins.
