Tokyo-based investment firm Metaplanet sold Bitcoin put options, raising 24 BTC, approximately $1.46 million, bringing its total Bitcoin holdings to 530 BTC.
Japanese Metaplanet Earns $1.4 Million in Bitcoin from Put Options, Brings Its Holdings to 530K
Currently valued at approximately $32.4 million, the company announced today that it has detailed its transaction with QCP Capital.
Metaplanet sold 223 Bitcoin put options with a strike price of $62,000 per Bitcoin, expiring on December 27, 2024.
This move allows the firm to increase its Bitcoin reserves if the market price falls below the strike price at maturity.
The company said in a statement that this strategy is in line with its long-term goal of increasing its Bitcoin exposure and improving its financial position.
The firm also disclosed that this strategy required a $13.8 million deposit, which was financed with capital raised through the exercise of the company's stock acquisition rights.
This allows Metaplanet to buy Bitcoin at the strike price without taking on additional financial risk if the market declines.
Simon Gerovich, CEO of Metaplanet, emphasized that although the firm primarily holds Bitcoin directly, the asset’s volatility creates additional earning opportunities through yield-generating strategies such as options trading.
“By utilizing both direct assets and yield-generating strategies, we are positioning ourselves to capitalize on Bitcoin’s growth potential while maintaining a stable and profitable foundation,” Gerovich wrote in a post on X.
Metaplanet’s Bitcoin buying spree is accelerating, with the company announcing earlier this week that it had purchased another 107 BTC worth 1 billion yen ($6.9 million). The firm first declared Bitcoin a strategic treasury reserve asset in May 2020.
*This is not investment advice.