Metaplanet Inc., a leading Japanese investment firm, reported earnings of 23.972 BTC, valued at about $1.46 million, through the sale of bitcoin options and collection of premiums. This strategic move has boosted the company's total Bitcoin holdings to 530.717 BTC, approximately $32.4 million.
In a statement released on Thursday, Metaplanet disclosed its transaction with QCP Capital, involving the sale of 223 bitcoin put options. The company can increase its Bitcoin holdings if the market price falls below the strike price of $62,000 per bitcoin at maturity, which is set for December 27, 2024.
Metaplanet emphasized that this strategy not only strengthens its Bitcoin reserves but also aligns with its financial strategy aimed at enhancing long-term exposure to Bitcoin while improving the company's financial position. The necessary margin collateral of $13.8 million was sourced from newly raised capital.
Simon Gerovich, CEO of Metaplanet, stated that while Bitcoin is a volatile asset, such volatility provides opportunities to generate more Bitcoin. He noted that a portion of their assets is strategically used to generate a yield through options strategies, while the majority remain in direct Bitcoin holdings.
In line with its growing interest in Bitcoin, Metaplanet recently purchased an additional 107.913 BTC worth around 1 billion yen ($6.9 million). Bitcoin's price dipped by 1.28% to $60,965 at the time of writing, following a peak above $66,000 last week.
As of now, Metaplanet's stock has surged 468% this year, closing at 966 Japanese yen on Thursday, despite a 3.21% decline.
