- Japan‘s Metaplanet acquired 696 Bitcoin in Q1 2025, strengthening its position as the ninth-largest corporate Bitcoin holder globally.
- The company used a “Bitcoin Income Generation” strategy involving put options to acquire BTC at an effective price of $88,800 per coin, below market rates.
- Metaplanet generated over $5.1 million in premiums through this strategy while continuing to fund its Bitcoin accumulation through bond issuances.
Metaplanet, a Tokyo Stock Exchange-listed investment company, has acquired an additional 696 Bitcoin (BTC) during the first quarter of 2025, according to statements released Tuesday. This acquisition pushes the Japanese firm’s total holdings to 3,896 BTC, worth approximately $324 million at current prices, cementing its position as the ninth-largest corporate Bitcoin holder globally.
The company implemented what it calls a “Bitcoin Income Generation” strategy to make the purchase. According to Metaplanet’s statement, this approach involves selling cash-secured put options and using the collateral to purchase Bitcoin at a discount.
Strategic Bitcoin Acquisition
Of the 696 newly acquired bitcoins, 645.74 BTC came when put options sold by the company were exercised, while the remaining 50.26 BTC were received as premiums from selling those options, the firm explained. The strategy generated over $5.1 million (¥770 million) in premiums during Q1 2025 alone, representing an 11.4% increase from the previous quarter.
This approach allowed Metaplanet to acquire Bitcoin at an effective price of $88,800 per coin (¥13.48 million), below market rates at execution time. While the nominal acquisition cost was $96,000 (¥14.58 million) per BTC, the premium income reduced the net cost, demonstrating what the company described as “improved BTC acquisition efficiency.”
Funding the Bitcoin Treasury
To support its growing Bitcoin treasury, Metaplanet has been raising significant capital through various financial instruments. On March 31, the company approved a $13.3 million (¥2 billion) zero-coupon bond issuance. This followed a larger $25.9 billion raise completed in February through unsecured bonds and stock acquisition rights issued to EVO FUND.
The latest acquisition places Metaplanet ahead of many corporate Bitcoin holders, positioning it just behind major tech companies like Tesla and Block, according to data from BitcoinTreasuries.net.
For Metaplanet, cash-secured refers to the company reserving sufficient capital upfront to fulfill its obligation to purchase Bitcoin if the put options are exercised. This disciplined approach has allowed the Japanese investment firm to steadily build what is becoming one of the world’s most substantial corporate Bitcoin reserves.
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