Japanese investment firm Metaplanet is pushing deeper into Bitcoin with a fresh $21.25 million bond issue aimed entirely at buying more of the cryptocurrency. The firm announced on May 9 that all proceeds from its latest “0% Ordinary Bonds” will go directly into expanding its Bitcoin holdings

Zero-coupon bonds like these offer no interest and are usually sold at a discount with full value paid at maturity. The move follows a massive Bitcoin purchase earlier this week where Metaplanet bought 555 BTC for $53.4 million. The company now holds 5,555 BTC worth over $480 million making it the largest public Bitcoin holder in Asia and the 11th largest globally

Metaplanet’s bold crypto strategy has boosted its stock 1600 percent over the past year. The firm is also expanding into the US with a Florida-based subsidiary aiming to raise $250 million for more Bitcoin buys. Investors see this as a strong vote of confidence in the future of crypto