Tokyo-based investment firm Metaplanet Inc. saw an increase of more than 12% in its stocks following Monday morning's announcement.

The board of directors of the company announced that it has agreed to purchase 1 billion yen (6.26 million dollars) worth of bitcoin with the capital raised through the upcoming bond issuance.

Will buy a billion yen worth of Bitcoin

Metaplanet Inc. stated that it plans to buy additional Bitcoin by issuing a second bond series. The bonds, worth 1 billion yen, will have an annual interest rate of 0.5% and will mature on June 25, 2025. The payment date for the bonds has been set for June 26, 2024. The company said, 'The funds raised will be used to buy Bitcoin'.

According to Google Finance data, Metaplanet's shares rose by approximately 12.2% in the morning session.

The company took this step after purchasing an additional 250 million yen worth of bitcoin earlier this month. Metaplanet had announced that it owned 141.07 BTC on June 11th. According to Bitcointreasuries.net data, the company had previously purchased bitcoin on April 23, May 10, and June 11.

In May, Metaplanet announced that it adopted bitcoin as a strategic reserve asset. The company said, “This move is made in direct response to continued economic pressures in Japan, especially high government debt levels, long-term negative real interest rates, and thus a weak yen.”