Japanese investment firm Metaplanet has expanded its Bitcoin holdings by acquiring 23.97 BTC through an options transaction with Singapore-based digital asset trading firm QCP Capital. This acquisition brings Metaplanet’s total Bitcoin reserves to 530.72 BTC.
In a notice released on October 3, Metaplanet detailed its recent deal involving the sale of 223 put options contracts, valued at $62,000, which are set to expire on December 27, 2024. The sale generated a profit of 23.97 BTC from the options premium, recognized as revenue.
“This transaction allows the company to leverage Bitcoin’s volatility to generate premium income while maintaining a fully cash-secured position,” the firm stated in its announcement.
This latest acquisition follows Metaplanet’s earlier significant purchase of $6.94 million worth of Bitcoin. As of October 3, the total value of Metaplanet’s Bitcoin holdings stands at approximately $32.55 million.
By selling 223 Bitcoin put options, Metaplanet positions itself to increase its Bitcoin holdings if the market price falls below $62,000 at maturity. “This strategy not only enhances the company’s Bitcoin reserves but also strengthens its balance sheet, aligning with our ongoing financial strategy to bolster long-term Bitcoin exposure,” the company added.
Since the depreciation of the Japanese yen in May 2024, Metaplanet has actively increased its Bitcoin acquisitions to mitigate economic challenges. The firm has committed a total of 4.96 billion yen to Bitcoin, including an additional ¥215 million from the recent put options sale.
In addition to its Bitcoin strategy, Metaplanet plans to raise $70 million through stock rights offerings, with over 80% earmarked for its Bitcoin initiatives. This move aligns with a growing interest among Japanese investment managers in exploring cryptocurrency investments, as highlighted in a June survey by Nomura.
On October 1, Japan’s new Prime Minister Shigeru Ishiba unveiled policy documents emphasizing a pro-blockchain strategy aimed at enhancing the economy through local assets, including food and tourism, on a global scale.