Metaplanet Expands Bitcoin Holdings with $6.92M BTC Purchase, Reaching 640 BTC
- Jpns invstmnt firm Metaplanet incrsd Bitcoin holdings to nrly 640 BTC, vlud ovr $40.5 million.
- Th firms ggrssiv buying strtgy rsponds to Jpns conomic chllngs, including ngtiv intrst rts.
- Metaplanet mployd innovtiv tctics, using put options contrcts to cquir n dditionl 23.97 BTC.
Jpns invstmnt firm Metaplanet xpndd its Bitcoin holdings, solidifying its rol s ky plyr in Asi. On Octobr 7, Metaplanet rvld tht it cquird 108.78 mor Bitcoin (BTC), pushing its totl rsrvs to nrly 640 BTC. This purchs, worth round $6.92 million bsd on Bitcoins currnt pric of $63,600, dmonstrts th firms strong commitmnt to th cryptocurrncy.
Metaplanets ggrssiv Bitcoin buying spr coms ftr prvious cquisition of 107.91 BTC on Octobr 1. Th compny hs ccumultd ovr 215 BTC in lss thn wk. With ths cquisitions, Metaplanet now holds round 639.5 BTC, vlud t ovr $40.5 million, ccording to its ltst rport.
Strategic Response to Economic Challenges
Metaplanets shift to Bitcoin riss from th nd to ddrss Jpns tough conomic conditions. Th ongoing ngtiv intrst rts nd xtnsiv mony-printing by th Bnk of Jpn hv pushd th firm to xplor nw invstmnt pths. Bitcoin, known for its limitd supply nd dcntrlizd systm, srvs s n ttrctiv sfgurd ginst trditionl finncil tools.
Invstors hv wlcomd this mov. Metaplanets stock hs surgd sinc dopting th Bitcoin strtgy. On Octobr 7th, th compnys shrs sord ovr 7%, trading t 988 Jpns yn (round $6.66), ccording to dt from Yahoo Finnc.
Metaplanets Bitcoin Expansion Tactics
In ddition to dirct Bitcoin purchss, th compny hs mployd crtiv finncil instrumnts to incrs its holdings furthr. On Octobr 3rd, th compny xcutd strtgy involving th sl of put options contrcts. This rsultd in th cquisition of n dditionl 23.97 BTC, vlud t roughly $1.46 million t th tim.
Th strtgy involvd slling 223 put options contrcts with strik pric of $62,000, st to xpir on Dcmbr 27th, 2024. Put options grnt th buyr th right, but not th obligtion, to sll Bitcoin t prdtrmind pric by spcific dt.
Simon Grovich, Metaplanets CEO, xplind tht this pproch llows th compny to xpnd its Bitcoin rsrvs without incurring dditionl finncil risk. H furthr lbortd on th firms intntion to lvrg options strtgis on portion of its holdings to gnrt yild.
As of tody, Bitcoin is trding t $62,633.31, rflcting 2.53% incrs nd stggring 60% ris yr-to-dt. Trding volums hv lso surgd, climbing by 69.62% ovr th pst 24 hours to rch n imprssiv $14.3 billion. Mnwhil, Bitcoins totl mrkt cpitliztion now stnds t $1.26 trillion, undrscoring its continud dominnc in th digitl sst spc.
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Read more: https://www.tronweekly.com/metaplanet-expands-bitcoin-reaching-640-btc/
Text source: TronWeekly
