In a universe where the improbable is merely a Tuesday, Tokyo-listed financial services firm Metaplanet Inc. (TYO: 3350) has decided to take a leap into the swirling vortex of Bitcoin (BTC) purchasing. Yes, you heard that right! They’ve just issued their 7th Series of Ordinary Bonds, which sounds like a thrilling sequel to a movie that nobody asked for. With a staggering total of 2 billion JPY (approximately $13.6 million), they’re gearing up to buy more Bitcoin, because why not? 🚀
About Metaplanet’s Bond Issuance
In a regulatory document dated February 27, Metaplanet shared the riveting details of their ordinary bonds issuance. Spoiler alert: these bonds carry no interest, which is a bit like buying a ticket to a concert where the band never shows up. They’re redeemable at face value on August 26, which is a date that will surely be marked in the calendars of absolutely no one.
Metaplanet Issues 2 Billion JPY in 0% Ordinary Bonds to Purchase Additional $BTC*
— Metaplanet Inc. (@Metaplanet_JP) February 27, 2025
Now, if you’re a bondholder, you can request early redemption of all or part of your outstanding Bond at JPY 100 per JPY 100 of face value. Just make sure to provide written notice to the company at least one business day before you decide to cash in your chips. Because nothing says “I trust you” like a last-minute email.
The funds for redeeming these bonds will come from the 13th to 17th Series of Stock Acquisition Rights proceeds. Metaplanet expects to exercise this right, which sounds suspiciously like a game of Monopoly where you keep landing on Boardwalk but can’t afford the hotel. If they manage to gather a multiple of 50 million JPY, they might even redeem a portion of the bonds earlier than planned. How exciting!
In a shocking twist, the news has not sent Metaplanet’s shares soaring into the stratosphere. Instead, they plummeted nearly 20% to trade at 4,010 JPY, which is about as welcome as a rainstorm at a picnic. This decline, of course, coincides with the recent downturn in the crypto market, which is like watching a soap opera where everyone is perpetually unhappy.
Bitcoin
…has fallen 2.06% in the last 24 hours to trade at $86,488. Meanwhile, leading altcoins like Ethereum
…XRP
…and Binance Coin
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2025-02-27 17:01