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Japan’s Metaplanet is making waves again with a bold $6.92 million Bitcoin acquisition, propelling its BTC reserves to 640. The company’s aggressive approach pushed its stock price up 11%, establishing it as a dominant force in Japan’s crypto landscape.
Metaplanet’s $6.92M Bitcoin Buy Sends Stock Soaring
With its latest acquisition, the Japanese investment firm Metaplanet has increased its Bitcoin holdings to about 640 Bitcoin and sent its stock price soaring by more than 10%.
At the current price of about $63,600 per Bitcoin, the Tokyo-listed corporation Metaplanet acquired an additional 108.78 Bitcoin on October 7th, an acquisition that would have been valued at about $6.92 million at the time.
Metaplanet’s Bitcoin Holdings Surge to 640 BTC
After purchasing 107.91 BTC on October 1st, Metaplanet has been aggressively buying BTC and has gathered more than 215 BTC over the past week, earning the nickname "Asia’s MicroStrategy" in reference to the American corporation that buys bitcoin.
The most recent announcement was made on October 7th, and according to Cointelegraph, its holdings have increased to 639.5 BTC, which is around $40.5 million.
Stock Price Jumps by 11% After Latest Acquisition
Google Finance reports that on October 7th, the share price of Metaplanet increased by almost 11% during trade, reaching an intraday high of 1,047 Japanese yen, or about $7.
In May of 2024, Metaplanet started using Bitcoin as its reserve asset for its strategic treasury. In the time after, the stock price increased by more than 532% since the start of the year and has now tripled.
Put Options Boost Bitcoin Holdings Further
The company made an extra 23.97 BTC, or about $1.46 million, last week on Oct. 3 through a scheme that involved the sale of put options.
The 223 Bitcoin put options contracts that Metaplanet sold have a strike price of $62,000 and will mature on December 27, 2024.
SBI Partnership to Enhance Crypto Management
Cryptocurrency put options grant the buyer the right, but not the duty, to sell Bitcoin at a certain price (the strike price) on or before a certain date.
Simon Gerovich, CEO of Metaplanet, stated at the time that this approach allows the company to grow its Bitcoin holdings without taking on additional financial risk. The company plans to use options methods on some of its assets to create returns, he said.
The crypto branch of SBI Holdings and Gerovich announced their agreement in early September. The goal is to improve the management, storage, and trading of cryptocurrency. Among Japan's most prominent integrated financial groups is Strategic Business Innovator Group.
