'Japan's MicroStrategy' Buys More Bitcoin With Put Options Sale
2024-10-03

Metaplanet, the firm that has earned the title "Japan's MicroStrategy," has secured an additional 23.9 Bitcoin BTCUSD as part of its Treasury Allocation push. The firm shared the update on the X platform, revealing that it earned this much BTC by selling put options.
Metaplanet and unrelenting Bitcoin push
The firm shared details, saying it initiated the Bitcoin Options contract transaction with QCP Capital. The total number of contracts is 223, with a December 2024 maturity date at $62,000 per BTC.
For a 10.75% nominal yield, Metaplanet said it generated an aggregate premium of 23.972 BTC worth 8.95 million yen. Following this transaction, the total number of Bitcoin the firm now HODLs is 530.717 BTC worth 4.965 billion.
*Metaplanet sells $BTC put options, earns 23.97 $BTC in premium income* pic.twitter.com/w8qO0fifr1— Metaplanet Inc. (@Metaplanet_JP) October 3, 2024
Notably, Metaplanet has bought Bitcoin at least once a month since July, underscoring its consistency in its Bitcoin accumulation pursuit. While the firm remains one of the biggest HODLers of the coin in Asia, it is modeling its strategy after Michael Saylor’s MicroStrategy.
MicroStrategy buys Bitcoin in a lump sum with more massive valuation. Its last purchase was in September, when it bought over $458 million worth of the coin. This transaction pushed its total Bitcoin holdings to 252,220 BTC, worth approximately $9.9 billion at the time.
Best time for Bitcoin deal
Metaplanet's entry into a put options deal with QCP Capital is a strategic move, considering the current state of the market. As of press time, the price of Bitcoin has fallen by 1.1% in 24 hours and is now changing hands for $61,217.22.
The broader market is in bearish consolidation mode as the events of the past 24 hours are notably weighing down sentiment. From the geopolitical tension in the Middle East to the U.S. SEC appealing the Ripple lawsuit, more uncertainties have emerged to offer investors a discount on prices.