- Japanese hotel company Metaplanet has acquired an additional 696 BTC ($58.5 million), bringing its total holdings to 4,046 BTC.
- The company financed its purchases through selling cash secured BTC put options, earning 770.3 million yen in revenue.
- With this purchase, Metaplanet now ranks as the ninth largest public holder of Bitcoin globally.
Metaplanet, a Japanese hotel company, has expanded its bitcoin holdings by purchasing an additional 696 BTC worth approximately $58.5 million. This acquisition brings the company’s total bitcoin holdings to 4,046 BTC, as announced by the company in a statement on Twitter. The company acquired the new bitcoins at an average price of nearly 14.6 million yen ($97,500) per coin.
The Tokyo-listed company has invested a total of 10.15 billion yen in this recent purchase. According to company data, Metaplanet‘s entire bitcoin portfolio was acquired at an average price of around $86,500.57 per coin.
Strategic Financing Approach
During the first quarter of the year, Metaplanet employed a unique financing strategy for its bitcoin acquisitions. The company sold cash secured BTC put options—futures contracts that essentially bet on price decreases—at a time when bitcoin was reaching all-time highs above $100,000.
“Relative to direct spot purchase at that time, the strategy enabled the company to acquire more bitcoin per yen deployed – benefitting from premium income and a reduced effective cost basis,” Metaplanet explained in its official statement on Tuesday. This approach generated 770.3 million yen in revenue for the company.
Market Position and Performance
With its latest bitcoin acquisition, Metaplanet has established itself as the ninth largest public holder of bitcoin worldwide, according to data from Bitcoin Treasuries. This positioning reflects the company’s significant commitment to cryptocurrency investments.
The company’s market performance has been positive following the announcement. Metaplanet‘s shares on the Tokyo Stock Exchange (3350) closed 2% higher at 409 yen on Tuesday, outperforming the broader market. By comparison, the Nikkei 225 index remained unchanged on the same day, highlighting investor confidence in the company’s bitcoin strategy.
This strategic investment continues the trend of public companies allocating significant portions of their treasury to bitcoin as both an investment and a hedge against traditional currency fluctuations.
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