Deniz 
Selling bitcoin put options helped Tokyo-listed investment company Metaplanet Inc. report earning 23.972 BTC, valued at almost $1.46 million, to boost its bitcoin reserves. The company revealed this in a Thursday statement detailing its recent bitcoin options deal with QCP Capital.
The corporation sold 223 bitcoin put options, which let it pay for bitcoin at a strike price of $62,000 per BTC should the price fell below that amount before December 27, 2024’s maturity date. This approach helps Metaplanet improve its financial situation and increase its bitcoin reserves at the same time. The company also said that margin money would be focused on more bitcoin acquisitions.
“This approach improves the company’s balance sheet in addition to its bitcoin reserves,” the statement said. “It fits our continuous financial plan to enhance the company’s financial situation and strengthen long-term bitcoin exposure.”
Thanks to this options approach, Metaplanet now owns 530.717 BTC total, worth about $32.4 million. Source of the $13.8 million margin collateral for the options strategy: fresh funds obtained via the rights to acquire stocks of the company. This implies that the plan was funded from different sources without using or hedging the current bitcoin reserves.
“While the majority of our assets will remain in pure bitcoin holdings, it’s advantageous to generate yield through options strategies,” Metaplanet CEO Simon Gerovich said on X (previously Twitter), noting that bitcoin’s volatility gives chances to generate additional income.
Having revealed in May that it has chosen bitcoin as its strategic treasury reserve asset, the company has been aggressively acquiring the cryptocurrency in recent months. The firm disclosed on Tuesday additional purchases of 107.913 BTC, valued roughly $6.9 million.
Though it has climbed 468% this year, reaching a high of 3,000 yen in July, Metaplanet’s stock closed down 3.21% at 966 yen on Thursday despite these developments.
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