Metaplanet plans to buy  ¥1 billion worth of Bitcoin (BTC)

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Metaplanet planned to issue a 1B yen bond to raise money & buy more Bitcoin (BTC).

Metaplanet Holdings is a venture capital (VC) firm founded by Jaan Tallinn, a co-founder of Skype. This firm mainly invests in early-stage technology companies, particularly those focused on innovative and transformative fields like artificial intelligence (AI), biotechnology, and space exploration. The firm is known for its strategic and impactful investments aimed at fostering long-term growth and technological advancement.

On 24 June 2024, Tokyo-based investment firm Metaplanet disclosed its plans to issue bonds worth 1 billion yen ($6.26 million) to raise money to buy Bitcoin. 

The firm announced that its board approved this decision. Bitcoin will be held for the long term. The bonds will pay an annual interest rate of 0.5%.

This is very big bullish news for the Bitcoin market. Currently, this company holds 141.0727 Bitcoins, valued at 1.45 billion yen, with an average acquisition price of 10,278,391 yen per Bitcoin.

Following this news, the trade price of Metaplanet stock surged 9.2%, from ¥89 to ¥100. 

Bitcoin price action 

The current trade price of Bitcoin (BTC) is $62,266 & this trade price is 3% down over the last 24 hours. 

In the last 3 months, the trade price of Bitcoin faced some big turbulence and a net downfall of -11.5%. 

Metaplanet plans to buy  ¥1 billion worth of Bitcoin (BTC) 1

Following this significant downfall in the trade price of Bitcoin, a pseudonymous analyst DonAlt tells his 60,100 YouTube subscribers that BTC is at risk of losing all bullish momentum.

According to the analyst, Bitcoin might face a sharp decline if it doesn’t stay above $63,000.

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