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Japan-based Metaplanet has announced a significant options transaction involving Bitcoin (BTC) 
$83,816. The company generated a premium income of 23.97 BTC by selling Bitcoin put options in a deal with Singapore-based crypto trading firm QCP Capital. This transaction not only contributes to Metaplanet’s strategy of increasing its Bitcoin reserves but also aims to strengthen its financial statement.
Sale of 223 Bitcoin Put Options
Metaplanet disclosed that it sold 223 Bitcoin put options, which will expire on December 27, 2024. The strike price for these options was set at $62,000. The company achieved a premium income equivalent to 23.97 BTC, with a nominal return rate of 10.75% recorded for the transaction.
It was reported that the annualized return stands at 45.63%. A total collateral of $13.82 million was utilized to execute the transaction.
Metaplanet emphasized that it aims to purchase new Bitcoins using the income from this options sale, describing the move as a strategic step to strengthen its long-term Bitcoin positions. The company plans to increase its BTC reserves by capitalizing on market volatility in the event of price declines.
The Company Continues to Increase Bitcoin Reserves
Furthermore, Metaplanet significantly boosted its Bitcoin holdings as a result of this transaction. The company announced the acquisition of 23.972 BTC at an average price of 8.95 million Japanese yen. This purchase raised the company’s total Bitcoin reserves to 530,717 BTC, with an average acquisition cost per Bitcoin set at 9.35 million Japanese yen.
Metaplanet, often referred to as Asia’s MicroStrategy, is enhancing its balance sheet while also working towards increasing long-term Bitcoin assets and achieving profitability. The company describes its strategy of selling put options and using the resulting income for Bitcoin purchases as a “target acquisition” approach, asserting that it will support the company’s financial position in the long run.
