Japanese investment firm Metaplanet has expanded its Bitcoin holdings, boosting its total to nearly 640 BTC, which in turn led to a more than 10% jump in its stock price. On Oct. 7, the Tokyo-based company revealed it had acquired an additional 108.78 BTC, valued at approximately $6.92 million, based on Bitcoin’s current price of $63,600.
Metaplanet, often referred to as “Asia’s MicroStrategy” due to its aggressive Bitcoin buying strategy, has added over 215 BTC to its holdings this past week, including a significant 107.91 BTC purchase on Oct. 1. As of Oct. 7, the company’s total Bitcoin holdings now stand at 639.5 BTC, valued at approximately $40.5 million.
According to Google Finance, Metaplanet’s stock jumped over 11% on Oct. 7, reaching a high of 1,047 yen (around $7). The company started using Bitcoin as its main treasury reserve back in May. 2024. Since then, its stock has skyrocketed, more than tripling in value and gaining over 532% since the start of the year.
Metaplanet $1.46M BTC option sale
On Oct. 3, Metaplanet made a move by selling put options, bringing in an extra 23.97 BTC, valued at about $1.46 million at the time. They sold 223 Bitcoin put option contracts with a strike price of $62,000, set to expire on Dec. 27, 2024. Bitcoin put options are financial contracts that let buyers sell their Bitcoin at a set price (known as the strike price) by or before a certain date.
Buyers aren’t obligated to sell; it’s just an option they can use. Metaplanet’s CEO, Simon Gerovich, explained that this technique helps them grow their Bitcoin holdings without taking on extra risk. Moreover, he mentioned that the company plans to earn returns by using options strategies on part of its assets.
Gerovich teamed up with SBI Holdings’ crypto division in early September to boost its crypto trading, storage, and management features. SBI Holdings, a major player in Japan’s financial industry, is part of one of the country’s largest finance groups.
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