Metaplanet Expands Bitcoin Holdings to Over $40 Million

Japanese investment firm Metaplanet (3350) has increased its Bitcoin (BTC) reserves by acquiring an additional 1 billion yen ($6.7 million) worth of the cryptocurrency. This move brings the company’s total BTC holdings to 639.5, valued at approximately $40.6 million based on current prices.

Strategic Bitcoin Purchases Continue

In its recent disclosure, Metaplanet confirmed it had bought 108.8 BTC at an average price of just under 9.2 million yen per coin. The firm, listed in Tokyo, has now invested nearly 6 billion yen in Bitcoin, paying an average price of 9.3 million yen per BTC. The company initially adopted Bitcoin as a reserve asset in May to hedge against fluctuations in Japan’s native currency.

Metaplanet’s sizable Bitcoin holdings place it second among Asia-listed firms, trailing only Hong Kong-based Meitu (1357), which holds around 941 BTC. Both companies fall behind the U.S.-based MicroStrategy, the largest public owner of Bitcoin, with more than 252,000 BTC.

To further enhance its Bitcoin acquisition strategy, Metaplanet has recently ventured into selling Bitcoin put options. On October 3, the company sold 223 contracts, generating a premium of 23.972 BTC ($1.44 million). These earnings will be used to acquire even more Bitcoin. A put option allows the holder to sell the asset at a predetermined price, without the obligation to do so.

As a result of these strategic moves, Metaplanet’s shares have seen a significant 7.9% increase to 988 yen, contributing to its impressive year-to-date growth of over 500%.