- Metaplanet has purchased another 1 billion yen ($6.7 million) worth of bitcoin, pushing its holding to 639.5 BTC.With the purchase, Metaplanet has now bought just shy of 6 billion yen on bitcoin, purchasing them at an average price of 9.3 million yen apiece.
On Monday, a Tokyo-based company revealed it had bought approximately 108.8 Bitcoin for around 9.2 million yen per coin, totaling nearly 6 billion yen in investment. This makes the average cost they paid for each Bitcoin around 9.3 million yen.
In May, the company decided to keep bitcoin as a backup asset in their reserves, serving as a safeguard against fluctuations in the value of Japan’s domestic currency. Now, they hold one of the biggest amounts of bitcoin among Asian companies listed on the stock exchange, second only to Meitu (30HKG), a Hong Kong-based tech company that owns approximately 941 Bitcoins. However, both these firms are outranked by MicroStrategy, based in Tysons Corner, Virginia, which possesses over 252,000 Bitcoins and is the largest publicly traded owner of the digital token.
Metaplanet has started offering bitcoin put options for sale, utilizing the earnings from these sales to buy more bitcoins. On October 3 alone, they sold 223 contracts and received a premium of approximately 23.972 bitcoins, equivalent to around $1.44 million. With a put option, the buyer is granted the choice (but not the requirement) to sell the underlying asset at a fixed price in the future.
Metaplanet’s shares rose 7.9% to 988 yen and are over 500% higher year-to-date.
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2024-10-07 12:02