Metaplanet, a Japanese investment firm, just made another massive move in the world of Bitcoin by acquiring 696 BTC for a hefty $67.9 million. This acquisition brings its total Bitcoin holdings to 4,046 BTC, now worth around $340 million.
But how did they do it? Well, Metaplanet is getting smart with its investment strategy. Instead of buying Bitcoin directly, they used cash-secured put options. This financial tactic involves selling put options (the right for someone else to sell you Bitcoin at a certain price) while setting aside enough cash to buy Bitcoin if the option gets exercised. By doing this, they make money from premiums paid by buyers of the options while also locking in the chance to buy Bitcoin at a discount if the market price falls.
Here’s the kicker: Even though Bitcoin’s price has fallen since Metaplanet made these deals, they still managed to acquire the Bitcoin for less than what it would have cost on the open market back in January when Bitcoin was nearing $100,000. They ended up paying about $90,073 per Bitcoin after accounting for the premiums, making this strategy look pretty smart.
Now, Metaplanet is one of the top corporate Bitcoin holders, joining giants like Tesla and Block (Jack Dorsey’s company) in the top 10. Their Bitcoin stash has grown impressively since they started their acquisition strategy in April 2024, with a target to hold 10,000 BTC by the end of 2025 and 21,000 BTC by 2026.
To fund more Bitcoin buys, Metaplanet issued $13.3 million in zero-interest bonds and even recruited Eric Trump to their Strategic Board of Advisors.
Metaplanet’s Bitcoin yield—basically, how much their Bitcoin holdings have grown in relation to their shares—has been stellar. Their BTC yield has shot up 95.6% this year alone, according to CEO Simon Gerovich.
In short, Metaplanet is making all the right moves to solidify its place as a major player in the crypto world. The question is, where will they go from here?
