Metaplanet, a Japanese firm often compared to MicroStrategy for its aggressive Bitcoin acquisition strategy, has added 23.9 Bitcoin (BTC) to its treasury holdings. The company revealed this update via the X platform (formerly Twitter), which outlined the transaction details. This latest acquisition aligns with Metaplanet’s ongoing commitment to accumulating Bitcoin regularly.
The firm said that it bought the additional bitcoin from selling put options and obtained an aggregate of 23.972, equivalent to 8.95 million yen. Metaplanet made the put options contract through QCP Capital, with 223 contracts expiring in December 2024 at an exercise price of $62,000 per BTC. This deal forms a part of Metaplanet’s treasury management strategy, which has seen the company tender for Bitcoins over the past few months.
Also Read: Metaplanet Buys Additional Bitcoin to Increase its Balance
Metaplanet Continues Consistent Bitcoin Accumulation
This acquisition brings the total bitcoins owned by Metaplanet to 530.717 BTC or 4.965 billion yen. The following is a continuous stacking of the Bitcoins, which shows that the company is determined to become one of the biggest Bitcoin holders in Asia. Since July, the company has been buying at least one Bitcoin monthly, cementing the plan of regularly diversifying the cryptocurrency portfolio.
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Metaplanet’s strategy based on buying BTC as a store of value is similar to the adoption of MicroStrategy Inc., managed by Michael Saylor, recognized, amongst others, for an active acquisition of Bitcoin as a form of treasuries. In order to continue its advance in the cryptocurrency market and cement its place, Metaplanet wants to follow the same strategy.
Conclusion
The latest acquisition of Bitcoin confirms Metaplanet’s commitment to increasing its crypto assets portfolio. The fact that the company has adopted a consistent and continued M&A strategy reflects its long-term passive position concerning Bitcoin as a part of its balance sheet structure. It reflects the global trends in terms of institutional acceptance of digital assets.
Also Read: Metaplanet Forms Strategic Partnership with SBI VC Trade for Bitcoin Strategy in Japan
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.