Another 108.78 Bitcoin, worth about $7 million, were bought by Japan’s Metaplanet, which has now added them to its collection. This means that the company now has 639.5 BTC, which is worth about $40.5 million. People have compared the Tokyo-listed company to the American company MicroStrategy because of how aggressively it buys Bitcoin. MicroStrategy is also known for investing a lot of money in Bitcoin.
Following its earlier buy of 107.91 Bitcoin earlier in the month, Metaplanet confirmed its most recent purchase on October 7. Since May 2024, when the company made Bitcoin its strategic treasury asset, it has been slowly adding to its Bitcoin funds. This year, its stock price has gone up over 532%, more than tripling in value since then.
The company’s risky plan is more than just buying Bitcoin. Metaplanet sold 223 Bitcoin put options last week. The options are set to end in December 2024 and have a strike price of $62,000. The company got an extra 23.97 BTC, worth $1.46 million, from this deal, which added to its funds.
Metaplanet’s stock performance shows how its buying of Bitcoin has affected the company. The company’s stock went up more than 11% on October 7 and hit a high point of 1,047 Japanese yen, which is about $7. The stock price has gone through the roof, rising by 544% since the beginning of 2024. However, it is still below its all-time high from May of that year.
Simon Gerovich, CEO of the company, has been at the center of this aggressive approach. He has grown the company’s shares without raising its financial risk by buying Bitcoin directly and trading options. Metaplanet’s main goal is to make money off of Bitcoin’s rising market value while reducing its risk of instability. This approach fits with that goal.
The company stated earlier in September that it would be working with SBI Holdings’ crypto division to improve its trading, storage, and handling of cryptocurrencies. The goal of this partnership is to make Metaplanet a big player in the bitcoin world.
As the price of Bitcoin keeps going up, Metaplanet’s ongoing buying strategy shows that it believes the cryptocurrency will continue to grow. With more than $40 million in assets and a still-optimistic market, the company is still in a good situation to do well in the fast changing world of digital assets.
