Metaplanet, a Japan-based investment firm, has once again increased its Bitcoin holdings with a significant purchase worth JPY1 billion, equivalent to Rp106 billion.
In a post on X (formerly Twitter) on Monday (October 7, 2024), Metaplanet announced that they had purchased 108.78 BTC at an average price of JPY9.3 million, or approximately Rp986 million per token. This acquisition is part of the company’s aggressive effort to bolster its Bitcoin reserves.
Metaplanet purchases additional 108.78 $BTC pic.twitter.com/Pz2AHupm1T
— Metaplanet Inc. (@Metaplanet_JP) October 7, 2024 Metaplanet has been consistently increasing its Bitcoin holdings, having purchased 107.91 BTC on October 1, bringing the total to 215 BTC acquired in just this month. As of now, Metaplanet holds 693.50 BTC, valued at Rp632 billion.
Plans for Additional Acquisitions
Following this Bitcoin purchase, Dylan LeClair, Metaplanet’s Bitcoin Strategy Director, announced that the company plans to acquire an additional JPY7.5 billion worth of Bitcoin before the end of 2024.
This plan is part of an initiative to issue JPY10 billion in stock acquisition rights. The initiative includes the 11th series of stock acquisition rights to all common shareholders, with a purchase price of JPY555 per share, effective from September 6 to October 15, 2024.
LeClair also confirmed that a portion of these stock acquisition rights has already been exercised, and the funds raised were used to finance the recent Bitcoin purchase. The remaining funds are planned to strengthen the company’s Bitcoin portfolio.
Bitcoin Investment Strategy
Metaplanet’s move to adopt Bitcoin as one of its reserve assets began in May 2024, as an effort to mitigate the impact of fluctuations in the value of the Japanese yen.
According to data from Bitcoin Treasuries, Metaplanet currently ranks second in Asia for the largest Bitcoin holdings by a publicly traded company, behind Meitu from Hong Kong, which holds around 941 BTC. Globally, Metaplanet ranks 24th.
Recently, Metaplanet also implemented a financial strategy by selling Bitcoin put options, a derivative contract that gives the buyer the right to sell Bitcoin at a predetermined price. On October 3, Metaplanet successfully sold 223 put option contracts and earned a premium of 23.972 BTC.
Metaplanet sells $BTC put options, earns 23.97 $BTC in premium income pic.twitter.com/w8qO0fifr1
— Metaplanet Inc. (@Metaplanet_JP) October 3, 2024 Simon Gerovich, CEO of Metaplanet, explained that this option sale allows the company to continue increasing its Bitcoin reserves while maintaining financial stability. He also emphasized that the company will continue exploring such strategies as part of its long-term plan to profit from its digital asset holdings.
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