Japan’s biggest Bitcoin treasury company, Metaplanet, has issued more debt to buy the cryptocurrency. 

The firm, which trades on the Tokyo Stock Exchange, said Monday that it had issued a two billion yen ($13.3 million) zero-coupon ordinary bond to fund more Bitcoin buys. 

Metaplanet CEO Simon Gerovich made the announcement on X, saying the company—which is also an investment firm that owns a hotel—was “buying the dip.”

Metaplanet is one of several companies that has followed the path of Strategy—formerly MicroStrategy, In 2020, the Tyson Corner, Virginia-based firm pivoted from software and is now the world’s largest Bitcoin treasury.  

Strategy and now holds 528,185 BTC priced at $44.2 billion. MicroStrategy, which lists on the Nasdaq exchange,—securitizes Bitcoin, buying the asset by issuing debt so investors can get exposure to the biggest cryptocurrency by market value via its shares.

Strategy’s stock is up 2,281% since it started buying the asset. It was down about 1% in Monday trading.

Other American companies are now following suit, and Metaplanet, which started buying Bitcoin as its “core treasury reserve asset” last year, is hoping to play a similar role within Japanese capital markets.

Metaplanet currently holds 3,200 digital coins, worth over $268 million at today’s Bitcoin price of $83,825.

Last month, Metaplanet raised $25.9 million through the issuance of zero-interest, unsecured bonds, seeking to expand its Bitcoin holdings.

The firm confirmed receiving funds from EVO FUND, the bondholder, which will be primarily used to inrease its Bitcoin reserve to 21,000 BTC by 2026 in Asia’s Largest Ever’ raise.

"The Company has strategically shifted its financial management approach to adopt Bitcoin as its primary reserve asset," according to a Feb. 13 announcement.

In Monday trading Metaplanet stock was recently trading 8% lower. Despite retreating over the past week, amid wider equity market losses, the company’s share price is up more than 51% over the past month. 

Edited by James Rubin