• Metaplanet boosts Bitcoin holdings to 639.5 BTC as of Oct. 7.
• The company’s stock price has surged 11%, with a 544% year-to-date gain since May 2024.
• It has so far acquired an additional $1.4M in BTC via options trading, recognizing 23.97 BTC as revenue.

Japan-based investment firm Metaplanet on October 7 announced that it has made yet another significant acquisition of Bitcoin, boosting its holdings to a total of 639.5 BTC, valued at approximately $40.5 million.

The company, which has garnered the nickname “Asia’s MicroStrategy” for its aggressive Bitcoin purchasing strategy, acquisition of an additional 108.78 BTC, worth roughly $7 million at the current Bitcoin price of $63,600.

Metaplanet’s Bitcoin strategy has been nothing short of bold. Since May 2024, when it first adopted Bitcoin as its strategic treasury reserve asset, the firm has made regular purchases to strengthen its cryptocurrency portfolio.

In total, Metaplanet has invested 6 billion Japanese yen into Bitcoin over the past few months. Its consistent buying behaviour has drawn comparisons to MicroStrategy, the American company known for its own large-scale Bitcoin acquisitions.

This most recent purchase has led to a surge in Metaplanet’s stock price, which climbed more than 11% on October 7, reaching an intraday high of 1,047 Japanese yen (approximately $7). The company’s stock has more than tripled in value since the start of the year, with a 544% year-to-date gain, although it is still trading at a 66% discount from its all-time high in May 2024.

In addition to direct Bitcoin purchases, Metaplanet has employed options strategies to increase its reserves. Last week, the company acquired Bitcoin worth $1.4 million through options trading, selling put options with a strike price of $62,000. These options, set to expire on December 27, 2024, generated a premium of 23.97 BTC, which the company recognized as revenue.

Market analysts remain optimistic about Bitcoin’s trajectory, with predictions suggesting it could rise to $77,700 by the end of October. As Bitcoin continues its upward momentum, Metaplanet’s ongoing acquisition strategy could further solidify its position as a leading player in the cryptocurrency space.