Key Points
- Metaplanet has issued another set of 0% ordinary bonds to EVO FUND, with the aim of buying more Bitcoin.
- The Tokyo-based investment firm’s strategy is to grow its BTC holdings, making it one of the largest corporate Bitcoin holders in Asia.
Metaplanet, a Japanese investment firm, has issued another round of 0% ordinary bonds to EVO FUND. The bonds are worth $13.35 million and the proceeds will be used to purchase additional Bitcoin.
Details of the Bond Issuance
According to a notice from the firm, Metaplanet is issuing ¥2 billion to EVO FUND. This decision was made during a board of directors meeting and marks the ninth time the firm has issued such bonds.
A regulatory filing from Mar. 18 reveals that the funds from this bond issuance will be used to purchase Bitcoin. This move aligns with Metaplanet’s strategy to increase its Bitcoin holdings, positioning the firm as one of the largest corporate Bitcoin holders in Asia.
Terms and Redemption of the Bonds
The bonds come with no interest and can be fully redeemed on Sept. 17, at a rate of ¥100 per ¥100 of the bonds’ face value. However, EVO FUND can choose to redeem the bonds earlier by providing written notice to Metaplanet at least one business day before the chosen date. This early redemption can be made for all or part of the outstanding bonds.
The funds needed for bond redemption will come from the proceeds of the 14th to 17th Series of Stock Acquisition Rights, which Metaplanet plans to exercise. The bond issuance will be fully allocated to EVO FUND, and no guarantee or collateral is attached to the bonds. Despite this bond issuance, Metaplanet’s shares dipped by nearly 0.5% to a price of ¥4,030.
Earlier on Feb. 27, Metaplanet issued ordinary bonds to EVO FUND for the same amount of ¥2 billion, which were worth $13.6 million at that time. The firm stated that these funds would also be used to buy more Bitcoin.
Since April 2024, Metaplanet has been steadily acquiring more Bitcoin after launching its own Bitcoin Treasury Operations. Most recently, on March 12, the firm purchased 162 Bitcoin, bringing its total holdings to 3,050 Bitcoin, equivalent to over $251 million at current market prices.
