U.Today – Metaplanet Update

Metaplanet, dubbed “Japan’s MicroStrategy,” has acquired an additional 23.9 Bitcoin (BTC) as part of its Treasury Allocation strategy. The firm revealed this update on the X platform, indicating the Bitcoin was obtained through the sale of put options.

Metaplanet and Unrelenting Bitcoin Push

The firm announced it initiated a Bitcoin Options contract transaction with QCP Capital, consisting of 223 contracts set to mature in December 2024, priced at $62,000 per BTC.

With a nominal yield of 10.75%, Metaplanet generated a total premium of 23.972 BTC, valued at 8.95 million yen. After this transaction, the firm’s total Bitcoin holdings now stand at 530.717 BTC, worth approximately 4.965 billion yen.

Since July, Metaplanet has consistently purchased Bitcoin at least once a month, highlighting its dedication to Bitcoin accumulation. The firm is modeled after Michael Saylor’s MicroStrategy, which is known for making sizable Bitcoin purchases.

MicroStrategy’s last acquisition occurred in September, when it bought over $458 million in Bitcoin, bringing its total to 252,220 BTC valued at around $9.9 billion.

Best Time for Bitcoin Deal

Metaplanet’s involvement in the put options deal with QCP Capital appears strategic amid current market conditions. As of the report, Bitcoin’s price has decreased by 1.1% in 24 hours, trading at $61,217.22.

The broader market is experiencing bearish consolidation, affected by recent geopolitical tensions and the U.S. SEC’s appeal in the Ripple lawsuit, prompting a more considerable number of investors to seek discounts on prices.

This article was originally published on U.Today