Japan’s Metaplanet Adds $6.7M to Bitcoin Holdings, Totaling Over $40M

Japanese investment firm Metaplanet Inc.

is once again making waves in the cryptocurrency world with a bold move that has captivated investors. On October 7th, the Tokyo-listed company announced its latest acquisition of 108.78 Bitcoin, valued at roughly $6.92 million at the current price of $63,600 per Bitcoin. This purchase is part of Metaplanet’s ongoing strategy to position Bitcoin as its treasury reserve asset, a journey that began back in May 2024.

Often called “Asia’s MicroStrategy” due to its aggressive Bitcoin-buying spree, Metaplanet has been consistently expanding its cryptocurrency portfolio. Last week, the company acquired 107.91 BTC, and now its total holdings amount to 639.5 BTC, worth an estimated $40.5 million.

This comes after a series of savvy transactions, including selling 223 Bitcoin put options contracts with a $62,000 strike price set to mature on December 27th. This strategy helped the firm earn an additional 23.97 BTC, further boosting its reserves.

In early September, Metaplanet formed a strategic partnership with SBI Holdings’ crypto division, aimed at improving its crypto trading, storage, and management capabilities. SBI Holdings, one of Japan’s largest integrated finance groups, will enhance Metaplanet’s infrastructure to manage its growing Bitcoin portfolio, signaling the firm’s long-term confidence in digital assets.

Metaplanet’s shares surged more than 11%

during trading on October 7th, reaching an intraday high of 1,047 Japanese yen, approximately $7, according to Google Finance. The excitement around its latest Bitcoin purchases, along with its consistent strategy to generate returns via Bitcoin options, appears to have boosted investor confidence significantly. Since adopting Bitcoin as a reserve asset, Metaplanet’s stock has more than tripled, gaining over 532% since the start of 2024.

The strategy of using put options as a mechanism to earn premiums was outlined by CEO Simon Gerovich. He explained that this approach allows Metaplanet to increase its Bitcoin reserves without adding significant financial risk, thereby generating yields on a portion of its assets.

The sale of put options not only serves as a means to earn additional BTC but also exemplifies Metaplanet’s commitment to maximizing shareholder value through innovative financial instruments.

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Bitcoin’s price has been on a steady rise, climbing 2.84% over the past 24 hours to $63,594 at the time of writing, after briefly dipping below $60,000. Meanwhile, Metaplanet’s bold moves in the crypto space are proving fruitful. Its shares have surged on the Nikkei index, which itself saw a 2.2% rise, indicating that investor sentiment remains optimistic about both Metaplanet and Bitcoin.

While Michael Saylor-led MicroStrategy continues to hold the largest corporate Bitcoin stash with 252,220 BTC, Metaplanet’s steady accumulation and strategic partnerships showcase a long-term vision that could see it rise as a prominent player in Asia’s crypto market. With Marathon Digital following MicroStrategy at 26,842 BTC, Metaplanet’s current total of 639.5 BTC might seem modest, but its commitment to Bitcoin as a key asset points toward a future of continued growth and influence in the cryptocurrency sector.