Japanese Investment Firm Metaplanet Increases Bitcoin Stash to Nearly 640 BTC
Japan’s investment powerhouse, Metaplanet, continues its Bitcoin buying spree, acquiring more than 200 BTC in October alone. As of October 7, 2024, the Tokyo-listed company announced a fresh purchase of 108.78 BTC. This valued at approximately $6.92 million, with Bitcoin priced around $63,600 at the time. This brings Metaplanet’s total Bitcoin holdings to an impressive 639.5 BTC, now worth about $40.5 million.
Often compared to MicroStrategy, the American firm famous for its extensive Bitcoin investments. Metaplanet has been steadily increasing its BTC reserves. The company’s recent purchases, including 107.91 BTC on October 1, add up to over 215 BTC in just one week.
Metaplanet’s Stock Price Soars Over 11% Following Bitcoin Purchase
Metaplanet’s aggressive Bitcoin accumulation has led to a notable surge in its stock price. On October 7, the firm’s shares jumped by more than 11%, reaching an intraday high of 1,047 Japanese yen (approximately $7), as per Google Finance. Since adopting Bitcoin as a key treasury asset in May 2024, the company’s stock has seen massive growth, tripling in value. In total, Metaplanet’s stock has soared by 532% in 2024, driven by its strategic focus on Bitcoin.
Strategic Use of Bitcoin Put Options to Boost Holdings
On October 3, Metaplanet further enhanced its Bitcoin strategy by selling Bitcoin put options. The firm sold 223 Bitcoin put option contracts with a $62,000 strike price, set to mature on December 27, 2024. This move enabled the company to secure an additional 23.97 BTC, valued at $1.46 million at the time of the transaction.
Bitcoin put options allow investors to sell Bitcoin at a predetermined price before a specified date. Providing a safety net in the event of price drops. By utilizing this strategy, Metaplanet has managed to accumulate more Bitcoin while mitigating financial risk. CEO Simon Gerovich highlighted that these options strategies allow the firm to generate additional Bitcoin reserves without incurring further financial exposure.
Partnership with SBI Holdings
In a bid to further enhance its crypto infrastructure, Metaplanet announced a partnership with SBI Holdings’ crypto division in early September. SBI Holdings, one of Japan’s largest financial groups, will provide expertise in crypto trading, storage, and asset management. This collaboration is set to optimize Metaplanet’s cryptocurrency. This strategy and strengthens its position as a leading Bitcoin-focused investment firm in Asia.
With continuous Bitcoin acquisitions, innovative options strategies, and a strategic partnership with SBI Holdings, Metaplanet is making significant strides in the cryptocurrency investment space, reflecting its strong commitment to Bitcoin as a core asset.
Conclusion
Metaplanet’s bold move to amass nearly 640 BTC, valued at $40.5 million, has solidified its reputation as a leading player in the Bitcoin market. Its smart use of Bitcoin put options has boosted its reserves while minimizing risk. Meanwhile, the firm’s stock continues to rise as investors gain confidence in its long-term Bitcoin strategy. With its partnership with SBI Holdings, Metaplanet is well-positioned for future growth in the cryptocurrency space.
