Metaplanet Inc., a Tokyo-listed crypto heavyweight, grabbed another 108.999 Bitcoin (BTC) on Friday, dropping a cool ¥1 billion ($6.5 million). That’s no small feat, but this move shoots the firm’s BTC holdings to an eye-watering 748.502 BTC, cementing its stance as a serious player in the Bitcoin arena.
This isn’t just a simple spot-buy operation either. While many companies hoard Bitcoin for the long haul, Metaplanet adds a unique twist by selling put options, cashing in extra yield. Peter Chung, from Presto Labs, gave his two sats on the firm’s strategy, saying, “Metaplanet’s strategy allows them to bottom-fish in case the BTC price declines, a level of sophistication not commonly seen among other companies.” Basically, it’s like they’re setting traps, waiting for the price to trip.
Crypto-Hoarding Spree Continues
The new purchase didn’t come out of nowhere. Metaplanet’s been on a binge this month, spending ¥6.9 billion ($46.8 million) on Bitcoin, and they’re not slowing down. At a price tag of around $60,420 per BTC, their Bitcoin stash now clocks in at roughly $45.2 million. They’re not alone in this game either—Metaplanet’s now one of three Asian public companies stacking Bitcoin for their reserves. Nexon and Meitu also threw themselves into the Bitcoin pit, but Metaplanet’s mix of spot-buying and options selling sets it apart.
Metaplanet’s decision to go heavy on Bitcoin isn’t just about catching Bitcoin waves, but also about leveraging a stronger yen against a shaky U.S. dollar. They’re basically playing two sides of the coin here, flexing their financial muscles.
Chasing MicroStrategy’s Playbook
Metaplanet didn’t just stumble upon this strategy. It’s been echoing the same moves as MicroStrategy, the U.S. firm famous for betting the farm on Bitcoin. Metaplanet’s top brass even called themselves “Asia’s answer to MicroStrategy” after revealing their BTC treasury plans earlier this year. And it worked—at least for a minute. Their stock soared from ¥190 ($1.32) to ¥1,008 ($7.01) when the plan was announced, but it cooled off since then, sitting at $6.40 now.
So, Metaplanet’s still in the game, but whether they outdo MicroStrategy remains to be seen. The stakes are high, but that’s the game.
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