Metaplanet Keeps Buying Bitcoin, Now Holds Almost 640 BTC

Some have likened it to an Asia-based MicroStrategy. It is another firm from the United States that gained fame by making large Bitcoin purchases.

Japanese firm Metaplanet continues to integrate Bitcoin into its financial strategy. On October 7th, the firm again purchased 108.78 #BTC at about $6.92 million.

This latest buy increases Metaplanet’s Bitcoin stash to almost 640 BTC, or about $40.5 million, and its stock skyrocketed by more than 10%. Read on to learn more.

Some have likened it to an Asia-based MicroStrategy. It is another firm from the United States that gained fame by making large Bitcoin purchases. Bitcoin became the reserve currency of the firm’s Treasury in May 2024 within Metaplanet. Instead of storing cash or other traditional instruments, they store Bitcoin. The results have been impressive. Metaplanet’s stock price has tripled since adopting this strategy, rising over 532% in 2024 alone.

The company has been increasing its Bitcoin reserves. In October, Metaplanet added over 215 BTC to its holdings, following an earlier buy of 107.91 BTC at the start of the month. Its recent actions intend to position Bitcoin at the heart of its financial strategy.

Metaplanet’s latest buying spree is a big statement for the broader Bitcoin market. This news boosted the firm’s supply by 11%, with the stock trading at 1,047 Japanese yen ($7) at the market. This rise in stock value makes the notion of Bitcoin as a sovereign asset suitable for balance sheets among corporations whenever traditional monetary markets are still unfixed to today’s variability.

The CEO of Metaplanet, Simon Gerovich, has spoken about the company’s use of Bitcoin. Not only are they buying up BTC, but they’re also using advanced techniques like selling put options. Put options give buyers the right to sell Bitcoin at a predetermined price.

Last week, Metaplanet sold 223 Bitcoin put option contracts with a $62,000 strike price, maturing in late December. This strategy earned them an extra 23.97 BTC, worth about $1.46 million. Gerovich says it’s a way to grow their Bitcoin reserves without taking on more financial risk.

Metaplanet also says it is focusing on improving its crypto offering. In early September, it allied with the cryptocurrency division of SBI Holdings, one of the largest finance groups in Japan. It should improve Metaplanet’s ability to trade cryptocurrencies and provide administrative services.

Metaplanet focuses on Bitcoin, plain and simple. The firm bought $7M of digital currency in October and currently holds close to 640 BTC. All this is because of Bitcoin’s long-term possibilities.

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