This Tokyo-listed Japanese investment giant is on a Bitcoin buying spree.
On October 7, Metaplanetadded another 108.78 Bitcoin to its holdings, worth around $6.92 million at the current price of $63,600 per BTC. This purchase catapulted its total Bitcoin reserves to 639.5 BTC, valued at an impressive $40.5 million.
Nicknamed “Asia’s MicroStrategy” due to its relentless Bitcoin accumulation strategy, Metaplanet has been doubling down on its crypto investments. Over the past week alone, the company snapped up more than 215 BTC, including a significant 107.91 BTC buy on October 1.
This aggressive approach has sent its stock price soaring, with shares jumping over 11% on October 7 to hit an intraday high of 1,047 Japanese yen (approximately $7).
Metaplanet’s Bitcoin journey began in May 2024 when it adopted the cryptocurrency as its strategic treasury reserve.
Read More: Metaplanet’s Bitcoin Purchase Fuels Share Price Surge
This decision has been a game-changer, with its stock price tripling since then and surging by more than 532% year-to-date.
Not stopping at straightforward Bitcoin purchases, Metaplanet implemented a bold strategy last week.
On October 3, the firm sold 223 Bitcoin put options contracts with a $62,000 strike price, set to mature on December 27, 2024. This maneuver earned the company an additional 23.97 BTC, valued at about $1.46 million. By selling these options, Metaplanet gains the flexibility to expand its Bitcoin stash without significant financial risk.
CEO Simon Gerovich is steering the company toward further growth opportunities, aiming to leverage options strategies for generating yield on its Bitcoin holdings.
Additionally, in early September, Metaplanet entered a partnership with SBI Holdings’ crypto division, one of Japan’s largest finance groups.
This move is designed to strengthen Metaplanet’s crypto trading, storage, and management capabilities, positioning it as a key player in Japan’s evolving digital asset landscape.
Metaplanet’s aggressive Bitcoin strategy and innovative financial maneuvers are setting it apart, making it a company to watch as it continues to shape its crypto future.
