Japanese investment firm Metaplanet announced a plan to use debt to buy more Bitcoin- Mirrors the model of US company MicroStrategy, the largest BTC holder - despite recent opposition from shareholders.

Company He said It announced on Friday that it would issue 5 billion yen ($31.9 million) in bonds to buy more cryptocurrency. Just on Tuesday, the company announced another bond issue to fund its Bitcoin strategy.

This brings the total funds raised to purchase Bitcoin to approximately $61 million.

But on Tuesday, the investment company's stock price rose drunkWhich indicates that investors may have been more skeptical about Bitcoin's strategy. Metaplanet announced at the time that it was “officially a Bitcoin treasury company,” which now acknowledges its “responsibility as a leader in the country’s Bitcoin ecosystem.”

Metaplanet stock is currently at $23 per share after falling nearly 3% today and more than 12% this week.

Metaplanet, a publicly traded company listed on the Tokyo Stock Exchange, is following in MicroStrategy's footsteps by including Bitcoin on its balance sheet. It bought the cryptocurrency back in April in a deal worth 1 billion yen.

The company has since been called Asia's answer to MicroStrategy, the largest public holder of Bitcoin. The software company has now morphed into “bitcoin treasury company” MicroStrategy Holds 423,650 BitcoinWith a value exceeding $41 billion.

Bitcoin touched Tuesday's new all-time high of $108,135, According to to CoinGecko, where it rose by double digits over seven days. However, it has since fallen following a tougher-than-expected speech on Wednesday from Federal Reserve Chairman Jerome Powell on future interest rates.

The coin is currently trading for $96,846 after falling to $92,245 on Friday morning New York time.

Modified by Andrew Hayward