Japanese investment firm Metaplanet Inc. saw its stock price jump over 12% on Monday morning after announcing that its board of directors has agreed to purchase bitcoin worth 1 billion yen ($6.26 million) using the capital raised through an upcoming round of bond issuance.

In a statement released Monday, the Tokyo-listed company said that it plans to purchase additional bitcoin by issuing the second series of ordinary bonds with guarantees.

The bonds, totaling 1 billion, are set to come with an annual interest rate of 0.5%, and will mature on June 25, 2025, according to a separate announcement. The payment date for the bonds is June 26, 2024. “The funds raised will be used to purchase Bitcoin,”  the company said.

Metaplanet’s stock surged about 12.2% in the morning session, …