Metaplanet Increases Bitcoin Holdings to 4,046 BTC with Additional 696 BTC Purchase

Metaplanet, a Japanese hotel company, has expanded its Bitcoin holdings to 4,046 BTC by acquiring an additional 696 BTC, valued at approximately $58.5 million.

The company made this acquisition at an average price of around 14.6 million yen ($97,500) per Bitcoin, totaling a spend of 10.15 billion yen. On average, Metaplanet’s entire Bitcoin acquisition cost is about $86,500.57 per coin.

To finance this purchase, Metaplanet utilized a strategy involving the sale of cash-secured BTC put options, a form of futures contract that profits if Bitcoin’s price declines. These options were sold at the beginning of Q1, when Bitcoin was reaching all-time highs of over $100,000. The strategy brought in 770.3 million yen in revenue.

By using this strategy, Metaplanet was able to acquire more Bitcoin per yen spent compared to direct spot purchases, benefiting from premium income while lowering the overall cost basis.

With the addition of these 696 BTC, Metaplanet now holds the ninth-largest public Bitcoin reserve, according to Bitcoin Treasuries data.

Following the announcement, Metaplanet’s shares closed up 2%, reaching 409 yen, outperforming the Nikkei 225 index, which remained unchanged on the day.