Metaplanet Inc., the Tokyo-listed firm known for its aggressive foray into Bitcoin (BTC), announced on Friday that it had acquired an additional 108.999 Bitcoin for ¥1 billion (US$6.5 million).
Its latest purchase brings the company’s total Bitcoin holdings to 748.502 BTC, reinforcing its long-term bet on the leading crypto. Yet, Metaplanet’s Bitcoin acquisition strategy goes beyond simple spot purchases.
The company employs a sophisticated approach by selling put options alongside its Bitcoin purchases to generate additional yield, Peter Chung, Head of Research at Presto Labs, told Decrypt.
“Metaplanet’s strategy allows them to bottom-fish in case the BTC price declines, a level of sophistication not commonly seen among other companies,” Chung said.
Friday’s acquisition follows earlier purchases this
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Author: Murtuza Merchant
