Metaplanet Adjusts Bitcoin Put Options Amid Growing Optimism: Details

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Japanese investment firm Metaplanet Inc. has rolled up its previously disclosed Bitcoin put options, adjusting the strike price from $62,000 to $66,000. The firm announced this strategic adjustment on Wednesday, aimed at boosting returns on its option sales while maintaining the same maturity date of December 27.

The roll-up, a common options strategy where an investor closes an existing position and opens a new one at a higher strike price, allowed Metaplanet to generate an additional JPY 57.9 million in premium. This brings the total premium earnings to JPY 272.5 million, all set to be recorded as revenue for the year.

Simon Gerovich, CEO of Metaplanet, explained this adjustment in an X post, stating the firm’s efforts to optimize its Bitcoin-related assets.

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Boosting Yields

Metaplanet’s transaction involved repurchasing 223 Bitcoin put options at a strike price of $62,000 and simultaneously selling the same number of options with a higher strike price of $66,000. This change increased the firm’s nominal yield by 2.65%, bringing the total yield to 13.40%. The move is part of the firm’s larger strategy to strengthen its Bitcoin holdings, with the added benefit of increasing profitability.

In its statement, Metaplanet noted that the margin collateral for the transaction remains unchanged at around $13.8 million, sourced from stock acquisition rights proceeds. The company also earned an aggregate premium of 5.9 BTC through this option sale.

“This adjustment enables us to increase yield potential while aligning with our long-term goal of building a robust Bitcoin reserve,” Metaplanet explained.

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Metaplanet Aggressive Bitcoin Accumulation

Metaplanet has been aggressively increasing its Bitcoin reserves in recent months. Earlier this week, the firm announced the purchase of an additional 106.976 BTC, valued at approximately 1 billion yen ($6.7 million), bringing its total Bitcoin holdings to 855.478 BTC, worth about $57.4 million at current market prices. The market responded positively to the firm’s strategic moves, with Metaplanet’s stock rising 6.88% on Wednesday.

Meanwhile, Metaplanet’s Bitcoin holdings place it among the top corporate Bitcoin holders, though it still trails MicroStrategy and Marathon Digital, which own 252,220 BTC and 26,842 BTC, respectively.

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