On Monday morning, Metaplanet Inc, a Japanese investment firm, announced its board of directors had agreed to buy 1 billion yen ($6.26 million) worth of Bitcoin.
This purchase will be financed through the upcoming issue of ordinary bonds, with an annual interest rate of 0.5%. The bonds mature in 2025 and the funds will be used exclusively for the Bitcoin purchase.
The company's shares experienced a 12.2% rise following the announcement.
This follows their previous purchase of 250 million yen worth of Bitcoin earlier this month, and data shows that they have made several Bitcoin purchases in the past.