Metaplanet has announced plans to issue 1 billion yen ($6.26 million) in bonds to finance additional Bitcoin purchases, as stated in a notice on June 24.

Following this announcement, Metaplanet's shares rose by 12% to 96 yen ($0.60), continuing an upward trend that has seen a gain of over 500% this year, according to Google Finance data.

Details of the bonds include approval by the company's board, with the Bitcoin intended for long-term holding. The company stated:

"The funds for this purchase will be sourced from the capital raised through the issuance of the second series of ordinary bonds (with guarantees)."

These bonds will be issued to EVO FUND at an annual interest rate of 0.5% and will mature on June 25, 2025, with payment scheduled for June 26, 2024.

Metaplanet clarified that its long-term Bitcoin holdings will be recorded at acquisition cost, exempt from end-of-term market value assessments for tax purposes. Other Bitcoin holdings will be evaluated quarterly at market prices, with gains or losses reported under non-operating income or expenses. The company added:

"While our primary strategy is to hold Bitcoin long-term, any Bitcoin used for operations or other purposes will be classified as current assets on the balance sheet."

This bond issuance follows Metaplanet's recent acquisition of 250 million yen worth of Bitcoin earlier this month, which increased its total Bitcoin holdings to 141.07 BTC, positioning it among the top 30 corporate holders globally, as reported by CryptoSlate.

In May, Metaplanet declared Bitcoin as its strategic treasury reserve asset, citing reasons such as high government debt, prolonged negative real interest rates, and a weak yen.

Metaplanet's recent actions mirror strategies employed by MicroStrategy, the largest corporate holder of Bitcoin. Last week, MicroStrategy purchased approximately 12,000 BTC for $786 million, boosting its total holdings to 226,631 BTC, valued at nearly $15 billion.