Metaplanet unit plans $59.5M convertible bond sale for crypto reserve

Bitcoin Japan, a subsidiary of Japan-listed Metaplanet, plans to issue 9.66 billion yen ($59.5 million) in convertible bonds to build a cryptocurrency reserve, Wu Blockchain reported. Under the convertible bond issuance agreement, Bitcoin Japan plans to allocate at least 662 million yen ($4 million) of the proceeds to an initial BTC purchase. Metaplanet, meanwhile, is the world’s third-largest corporate BTC holder with 43,000 BTC worth about $2.8 billion.