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Japanese investment company Metaplanet made another Bitcoin purchase, bringing its stash to almost 640 Bitcoin and sending its stock surging more than 10%.&nbsp;
On Oct. 7, Metaplanet <a data-ct-non-breakable="null" href="https://x.com/Metaplanet_JP/status/1843125310600184288" rel="null" target="null" text="null" title="null">announced</a> its latest Bitcoin purchase after the Tokyo-listed firm scooped up another 108.78 Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>), worth about $6.92 million at its current price of around $63,600.
Metaplanet, which has been dubbed “Asia’s MicroStrategy” after the American <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/who-is-michael-saylor" rel="null" target="null" text="null" title="null">BTC-buying firm</a>, has been aggressively <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/metaplanet-10b-yen-bitcoin-investment" rel="null" target="null" text="null" title="null">acquiring BTC</a> and amassed more than 215 BTC over the week, following a 107.91 BTC <a data-ct-non-breakable="null" href="https://x.com/Metaplanet_JP/status/1840954225796186287" rel="null" target="null" text="null" title="null">purchase</a> on Oct. 1.&nbsp;
Its holdings now total 639.5 BTC worth about $40.5 million, according to its latest notice on Oct. 7.
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 <img alt="Japan" src="https://s3.cointelegraph.com/uploads/2024-10/01926586-a32c-7dbb-93e3-edc1e93262e1" title="">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/Metaplanet_JP/status/1843125310600184288" rel="null" target="null" text="null" title="https://x.com/Metaplanet_JP/status/1843125310600184288">Metaplanet</a>
 </figcaption>
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Metaplanet’s share price surged more than 11% during trading on Oct. 7 to hit an intraday high of 1,047 Japanese yen — worth around $7 — <a data-ct-non-breakable="null" href="https://www.google.com/finance/quote/3350:TYO" rel="null" target="null" text="null" title="null">according</a> to Google Finance.&nbsp;
Metaplanet <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/metaplanet-bitcoin-reserve-asset-117-btc" rel="null" target="null" text="null" title="null">began adopting Bitcoin</a> as its strategic treasury reserve asset in May 2024. Since then its stock price has <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/metaplanet-shares-rise-bitcoin-purchase-nears-400-btc" rel="null" target="null" text="null" title="null">more than tripled</a> and has gained over 532% since the beginning of this year.&nbsp;
<figure>
 <img alt="Japan" src="https://s3.cointelegraph.com/uploads/2024-10/01926586-fb87-74d5-94af-1412cc5f81f1" title="">
 <figcaption style="text-align: center;">
 Metaplanet stock price for Monday, Oct. 7. Source: Google Finance&nbsp;
 </figcaption>
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Last week, on Oct. 3, the firm employed a strategy involving the <a data-ct-non-breakable="null" href="https://x.com/Metaplanet_JP/status/1841718887689187627" rel="null" target="null" text="null" title="null">sale</a> of put options, earning an additional 23.97 BTC worth about $1.46 million at the time.&nbsp;
Metaplanet sold 223 Bitcoin put options contracts with a $62,000 strike price, maturing on Dec. 27.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-best-performing-asset-after-weak-q3-nydig" rel="null" target="null" text="null" title="null">Bitcoin ‘still the best-performing asset’ after weak Q3: NYDIG</a>
Bitcoin put options are crypto derivatives contracts that give the buyer the right, but not the obligation, to sell at a predetermined price, the strike price, on or before a specific date.
Metaplanet CEO Simon Gerovich said at the time that this strategy provides a way to increase its Bitcoin reserves without adding financial risk. He said that the firm aims to generate yields through options strategies on a portion of its assets.
In early September, Gerovich <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/japanese-microstrategy-ripple-bank-partner-sbi" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/news/japanese-microstrategy-ripple-bank-partner-sbi">announced a partnership</a> with SBI Holdings’ crypto division to enhance its crypto trading, storage, and management capabilities. Strategic Business Innovator Group is one of the largest integrated finance groups in <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/crypto-regulations-in-japan" rel="null" target="null" text="null" title="null">Japan</a>.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/satoshi-nakamoto-bitcoin-creator-xrp-ripple-ftx-crypto-exchange-hodlers-digest/" rel="null" target="null" text="null" title="null">Will Satoshi be doxxed? Banks to join SWIFT digital asset trials and more: Hodler’s Digest</a>

Japan’s Metaplanet makes $7M Bitcoin buy, bringing holdings to $40.5M

Cointelegraph

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