- Metaplanet strengthens its Bitcoin strategy by acquiring an additional 108.999 BTC, worth ¥1 billion.
- The company leverages favorable yen conditions to expand its cryptocurrency holdings, targeting ¥10 billion by 2024.
- Metaplanet’s sophisticated approach includes selling put options alongside Bitcoin acquisitions for added yield.
Metaplanet has acquired an additional 108.999 BTC worth ¥1 billion (US$6.5 million). This acquisition brings Metaplanet’s total Bitcoin holdings to 748.502 BTC, further cementing its confidence in cryptocurrency.
Moreover, Metaplanet’s strategy involves more than simply buying Bitcoin. The company employs a unique method, selling put options alongside Bitcoin purchases to generate additional income. It enables Metaplanet to buy Bitcoin at a lower price if the market declines.
Timing the Market Amid Favorable Currency Shifts
This acquisition comes after earlier purchases, raising its’s total Bitcoin investment to ¥6.9 billion (US$46.8 million). Consequently, the firm now holds around $45.2 million worth of Bitcoin at a value of $60,420 per BTC.
Additionally, Metaplanet’s strategy benefits from the yen’s current strength against the U.S. dollar. The company is capitalizing on favorable currency conditions to expand its Bitcoin reserves at a lower cost.
Metaplanet Plans for Further Expansion in 2024
Metaplanet’s Director of Bitcoin Strategy, Dylan LeClair, recently revealed plans for expansion. The company plans to acquire an extra ¥7.5 billion (US$50.5 million) worth of Bitcoin by the end of 2024. This will bring the company closer to its targeted ¥10 billion Bitcoin acquisition goal. The firm plans to achieve this through stock acquisition rights.
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The firm also revealed plans to raise ¥10.08 billion (US$70 million) by offering stock acquisition rights to common shareholders. This move allows each shareholder to purchase additional shares at a fixed price, further supporting the company’s strategic goals.
Metaplanet is positioning itself among leading Asia-based companies investing heavily in Bitcoin. Its sophisticated investment strategy and favorable market timing show a clear intent to dominate the cryptocurrency space.
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