Japanese investment firm Metaplanet has made headlines again with a significant Bitcoin purchase, increasing its total holdings to nearly 640 Bitcoin. On October 7, the Tokyo-listed company announced it had acquired 108.78 Bitcoin for approximately $6.92 million, given the current price of around $63,600.
Often referred to as “Asia’s MicroStrategy” due to its aggressive BTC accumulation strategy, Metaplanet has added more than 215 Bitcoin within the past week alone, following an earlier purchase of 107.91 Bitcoin on October 1.
With this latest acquisition, Metaplanet’s total Bitcoin holdings now stand at 639.5 BTC, valued at about $40.5 million, according to their recent announcement. The news has positively impacted the company’s stock price, which surged over 11% during trading on October 7, reaching an intraday high of 1,047 Japanese yen (approximately $7), as reported by Google Finance.
Since adopting Bitcoin as a strategic treasury reserve asset in May 2024, Metaplanet’s stock has more than tripled in value and has skyrocketed over 532% since the start of the year.
In a related move on October 3, the firm implemented a strategy involving the sale of put options, yielding an additional 23.97 BTC valued at around $1.46 million at the time. Metaplanet sold 223 put option contracts with a $62,000 strike price, set to mature on December 27.
Put options are crypto derivatives that grant buyers the right, but not the obligation, to sell at a predetermined strike price on or before a specified date. CEO Simon Gerovich explained that this strategy allows the firm to bolster its Bitcoin reserves while minimizing financial risk, aiming to generate returns through options strategies on a portion of its assets.
In early September, Gerovich also announced a partnership with SBI Holdings’ crypto division to enhance Metaplanet’s capabilities in crypto trading, storage, and management. SBI Holdings is one of Japan’s largest integrated finance groups, further solidifying Metaplanet’s position in the cryptocurrency space.
