Japanese investment firm Metaplanet has made a new Bitcoin purchase, bringing its total Bitcoin holdings to nearly 640 and sending its stock price up more than 10%.
On October 7, Metaplanet announced its latest Bitcoin purchase as the Tokyo-listed company purchased an additional 108.78 Bitcoin (BTC), worth approximately $6.92 million at the current price of around $63,600 per BTC.
Metaplanet, often referred to as the “MicroStrategy of Asia” after the American firm that specializes in buying BTC, has been actively buying and collecting more than 215 BTC in the past week after purchasing an additional 107.91 BTC on October 1.
Their holdings now total 639.5 BTC worth approximately $40.5 million, according to the latest announcement on October 7.
Source: Metaplanet
Metaplanet's stock price rose more than 11% in trading on October 7, reaching an intraday high of 1,047 yen — or about $7 — according to Google Finance.
Metaplanet began using Bitcoin as a strategic treasury reserve asset in May 2024. Since then, its stock price has more than tripled and is up more than 532% year-to-date.
Metaplanet stock price on Monday, October 7. Source: Google Finance
Last week, on October 3, the company used a put option selling strategy, netting an additional 23.97 BTC worth about $1.46 million at the time.
Metaplanet sold 223 Bitcoin put options with a strike price of $62,000, expiring on December 27, 2024.
Bitcoin put options are cryptocurrency derivatives contracts that give the buyer the right, but not the obligation, to sell at a predetermined price, called the strike price, on or before a specific date.
Metaplanet CEO Simon Gerovich said at the time that the strategy offered them a way to increase their Bitcoin holdings without increasing their financial risk. He also said the company aimed to generate income through options strategies from a portion of their assets.
In early September, Gerovich announced a partnership with SBI Holdings' cryptocurrency division to enhance its cryptocurrency trading, storage, and management capabilities. Strategic Business Innovator Group is one of the largest integrated financial groups in Japan.
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