Bitplanet to Issue 7 Billion Won in Convertible Bonds to Fund Bitcoin Mining Push

Bitplanet said on May 14 that it has decided to issue convertible bonds worth a total of 7 billion won. The company explained that the financing is intended to secure funds for the start of its Bitcoin mining business. Convertible bonds can be converted into shares under certain conditions and are often used by companies to raise capital for new business initiatives. Following its business moves through Bitcoin purchases, Bitplanet is now preparing a financial base to move forward with mining operations. With the size and purpose of the CB issuance disclosed, the market is expected to watch how Bitplanet develops its Bitcoin-related business. Source: mk.co.kr