- Metaplanet updated the strike price to $66K from $62K.
- The firm’s total holdings reached 861.387 BTC.
Japanese investment firm Metaplanet has increased its Bitcoin put options, adjusting the strike price to $66K from $62K. The maturity date is set for December 27, 2024.
Simon Gerovich, CEO of Metaplanet, announced that this move is expected to boost Metaplanet’s option sale yield and generate an additional premium income of 57.9 million yen ($388,123). It brought a total premium income for the year to 272.5 million yen ($1.83 million).
In early October, Metaplanet announced that it had entered a Bitcoin put options transaction with Singaporean digital asset trading firm, QCP Capital. It further clarifies that the firm sold 223 Bitcoin put options contracts with a $62,000 strike price expiring by this year’s end. This enables the company to increase the nominal yield by 2.65% to 13.40%.
Recent Moves of Metaplanet
Metaplanet’s stock price has surged by 7%, suggesting a positive response in the market towards their strategic financial decisions. Meanwhile, the firm has been on a BTC buying spree after adopting Bitcoin as its strategic reserve asset. On Tuesday, the firm announced the purchase of an additional 106.976 BTC worth about 1 billion yen ($6.7 million).
The recent transaction generated an additional net income of 5.9095 Bitcoin, emphasizing the firm’s financial position without changing the intended fund usage allocated for potential BTC purchases. It eventually raised the firm’s total holdings to 861.387 BTC with the aggregated amount purchased at 8.022 billion yen.
On the other hand, Metaplanet has earned the nickname Asia’s MicroStrategy for its consistent BTC acquisitions. The firm increased its Bitcoin reserves in May 2024 as a strategic response to the economic difficulties of Japan and considering the yen’s volatility.
Besides, the largest cryptocurrency Bitcoin (BTC) has recovered from the recent dips, trading at $67.6K with gains of over 2.90%, over the past 24 hours. The assets trading volume has increased by 30.95% to $50.64 billion.
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