Metaplanet, a Japanese investment firm, has announced plans to issue 5 billion yen (approximately $31.9 million) in bonds to fund additional Bitcoin purchases, raising its total funding for this purpose to nearly $61 million. This move mirrors the strategy of MicroStrategy, the largest public holder of Bitcoin. Despite this aggressive strategy, Metaplanet's shares have faced skepticism from investors, experiencing a dip of nearly 3% this week and 12% since the announcement of their Bitcoin treasury status. The firm has asserted its commitment to being a leader in Japan’s Bitcoin ecosystem, emphasizing its responsibility as a pioneer. Metaplanet’s stock is currently trading at $23 per share after significant drops earlier in the week. This follows its previous investments in Bitcoin made back in April, totaling around 1 billion yen. The firm aims to put Bitcoin on its balance sheet as part of its long-term strategy, reflecting a broader interest in cryptocurrency among institutional investors amid fluctuating market conditions.

Source 🔗