Key Points
- Metaplanet Inc has acquired an additional 696 Bitcoin (BTC) through its Bitcoin Treasury Operations.
- The company used an innovative strategy involving cash-secured put options to acquire Bitcoin at below-market prices.
Metaplanet Inc, known in Japan as Strategy, recently obtained an additional 696 Bitcoin via its Bitcoin Treasury Operations. This acquisition brings the company’s total Bitcoin holdings to 4,046 BTC, which is valued at approximately $380 million at the current market price.
Acquisition Strategy
The company disclosed in a recent notice that the acquisition was made using a unique strategy involving cash-secured put options. This strategy allowed Metaplanet to purchase Bitcoin below the market price. The average purchase price for the newly acquired Bitcoin was ¥14,586,230 ($105,700) per Bitcoin, with a total expenditure of ¥10.15 billion ($73.5 million).
For the first quarter of 2025, Metaplanet’s Bitcoin Income Generation business reportedly earned a total of ¥770.35 million ($5.58 million) in operating revenue, equivalent to 50.26 BTC in premiums. The company stated that this options-based approach has proven to be more efficient than direct market purchases.
Yield and Growth
Metaplanet reported that during the fourth quarter of 2024, the company generated an extraordinary BTC yield of 309.8%. The firm also generated a 95.6% yield during the first quarter of this year.
Over the past nine months, Metaplanet has aggressively purchased Bitcoin, increasing its total holdings from 141.07 BTC as of June 30, 2024, to 4,046 BTC by March 31, 2025. This represents a nearly 28-fold increase in less than a year. The company appears to be on track to maintain the 10,000 BTC milestone as part of its Treasury.
The BTC yield assesses how effectively the company’s Bitcoin acquisition strategy creates value for shareholders while accounting for potential dilution. With its aggressive Bitcoin purchases, Metaplanet now ranks ninth in the list of top BTC corporate treasuries.
Despite a 9% drop in Metaplanet’s stock price due to tariff wars, the stock price has recovered, ending 2% up today at 409 JPY levels. Over the past year, the stock price has increased by more than 2000% and reached a peak of 665 JPY in February.
Meanwhile, the Bitcoin price has also shown signs of strong recovery, gaining 3.84% in the last 24 hours, and is currently trading at $84,356 with a market cap of $1.67 trillion.
