Metaplanet, a Japanese investment firm, recently expanded its Bitcoin holdings, pushing its total to nearly 640 BTC and prompting a notable increase in its stock value, which soared by over 10%. On October 7, the company revealed that it had acquired an additional 108.78 Bitcoin for approximately $6.92 million, reflecting the current market price of around $63,600.
Known as “Asia’s MicroStrategy,” Metaplanet has undertaken a proactive approach to accumulating Bitcoin . In the past week alone, the company has amassed more than 215 BTC, following a previous purchase of 107.91 BTC on October 1. With its current holdings of 639.5 BTC valued at around $40.5 million, Metaplanet’s investments are becoming increasingly significant in the market.
Following the latest acquisition, Metaplanet’s stock price surged over 11% on October 7, achieving an intraday peak of 1,047 Japanese yen, equivalent to about $7. Since incorporating Bitcoin as a strategic treasury asset in May 2024, the company’s stock has more than tripled, boasting an impressive gain of over 532% since the beginning of the year.
In addition to direct Bitcoin purchases, Metaplanet has been utilizing options strategies to enhance its Bitcoin reserves. On October 3, the firm sold put options contracts, which generated an additional 23.97 BTC worth approximately $1.46 million. These contracts had a strike price of $62,000 and will mature on December 27, 2024, allowing Metaplanet to leverage the potential of Bitcoin while mitigating financial risk.
Enhancing its capabilities further, Metaplanet recently established a partnership with SBI Holdings’ cryptocurrency division. This alliance aims to boost the company’s trading, storage, and management of digital assets, positioning it to capitalize on the growing interest in cryptocurrencies.
