As a seasoned crypto investor with a knack for spotting trends and making strategic moves, I find the recent decision by Metaplanet to secure additional Bitcoin through put options intriguing. Given my past experiences in navigating volatile markets, I appreciate the calculated risk they’re taking during this bearish consolidation period.
Metaplanet, often referred to as Japan’s equivalent of MicroStrategy, has obtained an extra 23.9 Bitcoins (BTC) through its ongoing efforts to expand its Treasury Allocation. The company recently announced this development on the X platform, explaining that it acquired these Bitcoins by selling put options.
Metaplanet and unrelenting Bitcoin push
The firm shared details, saying it initiated the Bitcoin Options contract transaction with QCP Capital. The total number of contracts is 223, with a December 2024 maturity date at $62,000 per BTC.
As an analyst, I’m sharing that Metaplanet has reported a generated premium equivalent to approximately 8.95 million yen or 23.972 Bitcoin for a nominal yield of 10.75%. Following this transaction, their current Bitcoin holdings now stand at approximately 530.717 BTC, which equates to a value of around 4.965 billion yen.
Remarkably, it’s been monthly that Metaplanet has purchased Bitcoin since July, demonstrating their persistent approach to amassing Bitcoin. Despite being one of the largest holders of the cryptocurrency in Asia, they are emulating Michael Saylor’s strategy from MicroStrategy.
MicroStrategy made a significant investment by purchasing a large amount of Bitcoin. Their latest acquisition took place in September, where they bought over $458 million worth of the digital currency. This purchase increased their total Bitcoin holdings to about 252,220 BTC, which was equivalent to approximately $9.9 billion at that time.
Best time for Bitcoin deal
Metaplanet’s decision to engage in a put options agreement with QCP Capital can be seen as a strategic maneuver, given the current market conditions. At the moment of reporting, the value of Bitcoin has decreased by 1.1% over the past day and is being traded at $61,217.22.
The overall market is showing signs of a bearish holding pattern due to recent events that are dampening investor confidence. From geopolitical conflicts in the Middle East to the U.S. Securities and Exchange Commission challenging the Ripple lawsuit, new uncertainties have arisen, causing prices to drop for investors.
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2024-10-03 11:47