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Tokyo-based firm Metaplanet plans to issue one-year bonds worth $11.3m to finance Bitcoin purchases, following the example of US firm MicroStrategy. The company, which currently holds over 1,000 Bitcoin, started buying in April to hedge against Japanese debt issues and yen volatility. Its use of options strategies has not pushed its balance close to MicroStrategy’s holdings of 279,420 Bitcoin.

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Metaplanet, a Tokyo-based company, is planning to issue one-year bonds in order to finance their Bitcoin purchases. At present, the company holds over 1,000 Bitcoin.

Following the footsteps of U.S.-listed business firm MicroStrategy, Metaplanet is looking to significantly boost its Bitcoin stash. They announced on Monday that they’ll be issuing ordinary bonds worth 1.75 billion yen (which is about $11.3 million) with an annual interest rate of 0.36%. The firm plans to use the funds raised for buying up more Bitcoin.

The firm confirmed that they started buying Bitcoin in April this year as a means to hedge against the debt issues of Japan and volatility of the yen. Since they started, the company has bought up 1,018 Bitcoin which is valued at $92.33 million, data from Bitcoin Treasuries pointed out. To boost their holdings, the company has made use of options strategies.

However, despite their efforts, their Bitcoin balance is nowhere close to that of MSTR, who boasts a staggering balance of 279,420 Bitcoin.