Tokyo-based investment firm Metaplanet has earned 23.972 BTC, approximately $1.46 million, by selling bitcoin put options, boosting its total bitcoin holdings to 530.717 BTC—currently valued at around $32.4 million.
The company made the announcement on Thursday, detailing its transaction with QCP Capital.
Metaplanet sold 223 bitcoin put options with a strike price of $62,000 per bitcoin, maturing 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. In a statement, the company explained that this strategy aligns with its broader goal of enhancing long-term bitcoin exposure and improving its financial position.
The firm also disclosed that $13.8 million in margin collateral was required for the strategy, funded through capital raised from the company’s stock acquisition rights exercise. This ensures that Metaplanet can purchase bitcoin at the strike price if the market dips, without incurring additional financial risk.
Metaplanet’s CEO, Simon Gerovich, emphasized that while the firm primarily holds bitcoin directly, the volatility of the asset creates opportunities for additional earnings through yield-generating strategies such as options trading. “By utilizing both direct holdings and yield-generating strategies, we position ourselves to capitalize on Bitcoin’s growth potential while maintaining a stable and profitable foundation,” Gerovich stated in a post on X (formerly Twitter).
Metaplanet’s bitcoin acquisition spree has been accelerating, with the company announcing an additional purchase of 107.913 BTC worth 1 billion yen ($6.9 million) earlier this week. The firm first declared bitcoin as its strategic treasury reserve asset in May 2024.
Meanwhile, bitcoin’s price saw a decline of 1.28%, trading at $60,965 on Thursday, after hitting a high of $66,000 last week. Despite this market fluctuation, Metaplanet’s stock has surged 468% this year, though it closed down 3.21% on Thursday at 966 yen.
For comparison, MicroStrategy, led by Michael Saylor, remains the largest corporate bitcoin holder with 252,220 BTC, followed by Marathon Digital with 26,200 BTC.
