Metaplanet Continues The Bitcoin Accumulation Spree, Buys An Additional $7M Worth of BTC

Prominent Japanese investment firm Metaplanent has deepened its Bitcoin holdings with an additional purchase of 108.78 BTC worth almost $7 million. Following its latest acquisition, the company boasts $40.5 million worth of Bitcoin holdings.

Metaplanet's stock responded positively to its recent Bitcoin accumulation with a price spike of over 10%.

Earlier this year, the company adopted Bitcoin as its major reserve asset following the steps of MicroStrategy, one of the largest corporate Bitcoin owners.

Metaplanet Deepens Its Bitcoin Holdings with More Purchases

According to an announcement, Metaplanet has purchased 108.78 BTC tokens worth about $6.72 million. The company acquired its latest Bitcoin stash at $63,600 per token.

*Metaplanet purchases additional 108.78 $BTC* pic.twitter.com/Pz2AHupm1T

- Metaplanet Inc. (@Metaplanet_JP) October 7, 2024

Similarly, on October 1, Metaplanet accumulated 107.91 BTC coins worth about $6.92 million. It completed the purchase at Bitcoin's price of $64,189.55 per token.

*Metaplanet purchases additional 107.91 $BTC* pic.twitter.com/pPrRBGrJsC

- Metaplanet Inc. (@Metaplanet_JP) October 1, 2024

Metaplanent amassed over 215 BTC tokens following its latest two acquisitions within the past seven days. The company now holds 639.5 BTC tokens worth $40.5 million in its portfolio.

According to the latest statement, Metaplanet bought its Bitcoin holdings at an average price of $63,325 per BTC coin.

Metaplanet revealed its decision to adopt Bitcoin as a major reserve asset in May. This move imitates MicroStrategy's pattern, a pro-Bitcoin American business intelligence and software services company.

With its aggressive Bitcoin acquisition, Metaplanet has gained the title Asia's MicroStrategy."

Metaplanet Stock Reacts Positively with Over 10% Surge

Metaplanet stock responded positively to its recent Bitcoin accumulation. According to data from Google Finance, the company's stock price surged by over 11% during the intraday trading hours on October 7, reaching a daily high of 1,047 Japanese yen (equivalent to $7).

The stock price tripled after the company adopted Bitcoin as a strategic treasury reserve asset in May. The share has indicated a 532% YTD increase in its performance.

Metaplanet stepped up its engagement with the primary crypto asset by selling Bitcoin put options. It implemented this strategy by partnering with QCP Capital, a Singapore-based digital asset trading company.

*Metaplanet sells $BTC put options, earns 23.97 $BTC in premium income* pic.twitter.com/w8qO0fifr1

- Metaplanet Inc. (@Metaplanet_JP) October 3, 2024

Following its disclosure, Metaplanet sold about 223 Bitcoin put options contracts at a strike price of $62,000. The sales generated profits of 23.97 BTC coins worth $1.46 million. The company set the maturity date of the put options at December 27.

For emphasis, Bitcoin put options are crypto derivatives contracts that provide a purchaser the right (not the obligation) to sell holdings at a predetermined value, known as the strike price. Such sales are made on or before a set date on the contracts.

Metaplanet disclosed that Bitcoin put options aimed at boosting its BTC reserves without any financial risk. The move aligns with the firm's plan to establish a long-term Bitcoin exposure and improve its financial position, supporting its path toward profitability."

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