Japanese investment firm Metaplanet has expanded its Bitcoin holdings with a significant purchase, acquiring another 108.78 BTC worth approximately $6.92 million at current prices. This move brings the company’s total Bitcoin holdings to nearly 640 BTC.
Metaplanet’s Aggressive Bitcoin Accumulation
Metaplanet, often compared to the American Bitcoin-investing firm MicroStrategy, has continued its aggressive BTC buying strategy. On October 7, the Tokyo-listed firm revealed its latest purchase of 108.78 Bitcoin, as the cryptocurrency traded around $63,600 per BTC. Earlier in the month, Metaplanet acquired 107.91 BTC on October 1, totaling more than 215 BTC in just one week.
As of October 7, Metaplanet’s total Bitcoin holdings stand at 639.5 BTC, valued at roughly $40.5 million. Following the announcement, Metaplanet’s stock price surged by over 11%, reaching an intraday high of 1,047 Japanese yen (approximately $7), according to Google Finance.
Strategic Shift to Bitcoin as a Treasury Asset
Metaplanet adopted Bitcoin as a strategic treasury reserve asset in May 2024. Since then, the company’s stock price has more than tripled, gaining an impressive 532% year-to-date. This surge reflects investor confidence in Metaplanet’s long-term Bitcoin strategy, which mirrors the approach of other prominent firms focused on cryptocurrency as a reserve asset.
Bitcoin Put Options Strategy
In addition to direct Bitcoin purchases, Metaplanet is also employing options strategies to grow its crypto holdings. On October 3, the firm sold 223 Bitcoin put options contracts with a $62,000 strike price, set to mature on December 27. This maneuver generated an additional 23.97 BTC, valued at approximately $1.46 million at that time.
Put options are derivatives contracts allowing the buyer to sell an asset at a predetermined price (the strike price) by a specific date. Metaplanet’s CEO, Simon Gerovich, stated that this strategy helps the firm accumulate Bitcoin while minimizing financial risk. The company aims to leverage options trading to generate additional returns from a portion of its holdings.
Partnership With SBI Holdings to Enhance Crypto Capabilities
To further strengthen its position in the crypto market, Metaplanet recently partnered with SBI Holdings’ crypto division. Announced in early September, the collaboration aims to enhance Metaplanet’s capabilities in crypto trading, storage, and asset management. SBI Holdings, one of Japan’s largest integrated finance groups, will provide support as Metaplanet scales its operations and secures its growing Bitcoin reserves.
