Tokyo-based firm Metaplanet has made yet another move in its crypto acquisition strategy by purchasing an additional 696 BTC through its Bitcoin Income Generation business. The company executed this purchase by selling cash-secured put options, a tactic that enabled it to acquire Bitcoin at below-market prices while earning premiums.
The total value of this acquisition amounts to approximately 10.15 billion yen ($73.5 million), with an average purchase price of 14,586,230 yen ($105,700) per Bitcoin.
Metaplanet’s Bitcoin Acquisition Strategy
Over the first quarter of FY2025, Metaplanet continued to utilize its put options to generate capital and accumulated 645.74 BTC from exercised options and an additional 50.26 BTC in premiums.
This strategy significantly outperformed direct market purchases by allowing the company to acquire more Bitcoin than it would have otherwise been able to, given the capital deployed, according to its official press release.
Metaplanet said implementing this strategy not only contributed to its BTC holdings but also boosted capital efficiency. The company’s total Bitcoin holdings now stand at 4,046 BTC. This transaction, along with others made in recent months, highlighted Metaplanet’s objective to expand its Bitcoin portfolio while maintaining a focus on improving shareholder value through strategic and cost-effective methods.
“By deploying 9.386 billion yen in collateral, the company acquired more Bitcoin than would have been possible via direct spot market purchases. While the nominal book cost reflects an average acquisition price of 14,586,230 yen per Bitcoin, the effective cost, net of premiums earned, was 13,479,404 yen per Bitcoin—below the prevailing market price at the time the strategy was initiated.”
Following the latest purchase, Metaplanet is now the ninth-largest corporate BTC holder, according to data compiled by Bitcoin Treasuries. In fact, the Japanese firm stands ahead of Bitcoin Group and Semler Scientific while trailing closely behind Hut 8, Coinbase, and Block.
309.8% Yield in Q4 2024
Metaplanet also reported a notable performance in its Bitcoin Yield metrics, which measure the company’s ability to increase its Bitcoin holdings relative to its outstanding shares. In the fourth quarter of 2024, the firm generated a BTC Yield of 309.8%.
In the first quarter of 2025, it continued to achieve strong results, with a BTC Yield of 95.6%. This yield demonstrates the company’s ongoing success in efficiently accumulating Bitcoin, even amid massive volatility spurred by macroeconomic uncertainties.
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