- Metaplanet increases its Bitcoin holdings to 639.5 BTC as of October 7.
- The company’s share price rose 11%, with a year-to-date gain of 544% since May 2024.
- It has also acquired an additional $1.4 million in BTC through options trading and recognized 23.97 BTC as income.
Tokyo-based investment firm Metaplanet announced on October 7 that it completed another sizable Bitcoin acquisition, bringing its total holdings to 639.5 BTC, valued at roughly $40.5 million.
Nicknamed “Asia’s MicroStrategy” for its aggressive Bitcoin accumulation strategy, the company added 108.78 BTC in this latest purchase, worth about $7 million at the prevailing Bitcoin price of $63,600.
Metaplanet’s Bitcoin approach has been notably bold. Since May 2024, when it first designated Bitcoin as its strategic reserve asset, the firm has made regular purchases to build its cryptocurrency portfolio.
In recent months the company has invested a total of 6 billion Japanese yen in Bitcoin. Its consistent buying behavior has drawn comparisons to MicroStrategy, the U.S. firm known for large-scale Bitcoin acquisitions.
The most recent purchase helped push Metaplanet’s share price up more than 11% on October 7, reaching an intraday high of 1,047 yen (around $7).
The stock has more than tripled in value since the start of the year, posting a year-to-date gain of 544%, although it still trades at a 66% discount from its all-time high in May 2024. Beyond direct Bitcoin purchases, Metaplanet has used options strategies to expand its reserves.
Last week the company acquired approximately $1.4 million worth of Bitcoin through options trading, selling put options with a strike price of $62,000.
Those options, set to expire on December 27, 2024, generated a premium of 23.97 BTC, which Metaplanet recognized as income. Market analysts remain optimistic about Bitcoin’s trajectory, with some forecasts suggesting it could reach $77,700 by the end of October.
As Bitcoin maintains upward momentum, Metaplanet’s ongoing accumulation strategy could further solidify its position as a leading player in the cryptocurrency space.