In a move that enhances the position of the company, Metaplanet has sold Bitcoin options in order to grow its holdings by 24 BTC. Indeed, the company operated a strategic option sale that would generate more than $1.44 million worth of the leading cryptocurrency.
The firm sold a total of 223 contracts of Bitcoin put options. Moreover, that sale earned them exactly 23.972 BTC for the move. Although the firm has often been viewed in a similar light to Michael Saylor’s MicroStrategy, this decision deviates from their strategies notably. While both sides are clearly committed to the crypto, they are going about increasing their position in rather distinct ways.
Also Read: Bitcoin Liquidations Surpass $500M Amid Crypto Market Drop
Metaplanet Grows BTC Stash Through New Options Sale
2024 has proven to be a massive turning point for Bitcoin. The leading crypto has become a clear investment option for institutional entities. In January, it became the first crypto-based ETF in the United States. Its subsequent surge to a $73,000 all-time high only increased the potential position that several high-profile businesses had in it.
Among them is the Tokyo-based Metaplanet, which has recently sold Bitcoin options to grow its holdings by 24 BTC. The move is an interesting way of continuing to increase exposure to the assets. Additionally, the options are set to expire on December 27th, 2024, with a strike price of $62,000.
Also Read: Michael Saylor’s MicroStrategy Eyes $7B in Profit, Driven by Bitcoin
Using the premium income that it received from the option sale, Metaplanet is only adding to its stash. Now, its total holdings have exceeded 530 BTC worth more than $32 million. Moreover, the strategy is quite different from the debt accumulation plan that MicroStrategy has embraced during its accumulation plan.
The crypto market has high hopes for Bitcoin as it enters October. However, it has struggled at the start of the month. Indeed, the asset is currently down more than 6% in the last seven days, according to CoinMarketCap.
The recent dip has the asset trading below $61,000. Yet, many experts still believe that the SLW start is temporary, and a byproduct of increased macroeconomic pressures. Conversely, they forecast that it should still thrive despite the forecasted ‘Uptober‘ month.
