Japan &#039, s Answer to MicroStrategy Raises$ 61 Million to Buy More Cryptocurrency

Chinese investment firm Metaplanet has announced a plan to utilize debt to get more Bitcoin—mirroring the type of American firm MicroStrategy, the best business BTC holder—despite new pushback from shareholders. &nbsp,

The company said Friday that it would issue 5 billion yen ($ 31.9 million ) in bonds to buy more of the cryptocurrency. The company simply announced another relationship release to support its Bitcoin approach on Tuesday. &nbsp,

That brings the total amount raised to practically$ 61 million. &nbsp,

However, on Tuesday, the investment firm’s share price dropped, indicating that investors were apparently more wary about the Bitcoin strategy. Metaplanet, which had previously stated that it was “officially a Cryptocurrency government business,” now acknowledges its “responsibility as a pioneer in the government’s Bitcoin ecosystem.”

Metaplanet’s stock is currently priced at$ 23 per share after dipping nearly 3 % today and over 12 % this week. &nbsp,

Metaplanet, a publicly-traded firm listed on the Tokyo Stock Exchange, is following in the footsteps of MicroStrategy by putting Bitcoins on its balance sheet. In April, it purchased the cryptocurrency in exchange for a$ 1 billion deal. &nbsp,

The firm has since been dubbed Asia’s response to MicroStrategy, the largest open owner of Bitcoin. Software firm turned” Bitcoin treasury company” MicroStrategy currently holds 423, 650 BTC, valued at over$ 41 billion.

Cryptocurrency touched a new all-time deep on Tuesday of$ 108, 135, according to CoinGecko, surging double figures over a seven-day time. However, it has since fallen in response to a more hawkish-than-expected statement from Jerome Powell, the head of the Federal Reserve, on Wednesday regarding upcoming interest rates.

The coin is currently trading for$ 96, 846 after dropping as low as$ 92, 245, Friday morning New York time.