Bitcoin investment firm Metaplanet said it sold 233 BTC put options and earned a premium o" />

CODVIP|CODVIP philippine video games|CODVIP Online Filipino Entertainment Games

  • rich9 Metaplanet sells put options to grow Bitcoin stash by nearly 24 BTC

CODVIP

POSITION:CODVIP|CODVIP philippine video games|CODVIP Online Filipino Entertainment Games > CODVIP >

rich9 Metaplanet sells put options to grow Bitcoin stash by nearly 24 BTC

Updated:2024-10-04 03:45    Views:188

Receive, Manage & Grow Your Crypto Investments With Brighty" data-src="https://cryptoslate.com/wp-content/uploads/2024/09/brighty-news-position.jpg" alt="Receive, Manage & Grow Your Crypto Investments With Brighty" />

Bitcoin investment firm Metaplanet said it sold 233 BTC put options and earned a premium of 23.97 BTCrich9, according to an Oct. 3 statement.

The firm stated it sold 223 contracts for $62,000 BTC put options, set to expire on Dec. 27, 2024. These contracts were fully backed by $13.8 million generated from Metaplanet’s 11th stock acquisition rights exercise.

A put option is a type of financial contract that gives the buyer the right, but not the obligation, to sell a specific stock or asset at a set price (called the strike price) within a specific time period.

Each contract earned Metaplanet 0.1075 BTC in premiums, accumulating to a total of 23.97 BTC. This income brought the firm’s total Bitcoin holdings to 530.72 BTC, acquired at a cost of ¥4.965 billion (around $33.8 million).

Metaplanet revealed it had entered into this agreement with QCP Capital, a Singapore-based digital asset trading firm.

Why Metaplanet is pursuing this strategy

Metaplanet explained that its goal was to leverage Bitcoin’s volatility to generate income while keeping its cash-secured position. It stated:

“This strategy not only enhances the Company’s Bitcoin reserves but also reinforces its balance sheet, aligning with our ongoing financial strategy to strengthen long-term Bitcoin exposure and improve the Company’s financial position, supporting its path toward profitability.”

Metaplanet CEO Simon Gerovich highlighted the strategy’s alignment with the company’s broader goals. He emphasized that this approach allows them to grow their Bitcoin holdings without solely relying on direct purchases.

Gerovich explained that while most of their assets remain in Bitcoin, using some for options strategies helps generate additional income. This dual approach allows them to increase holdings while benefiting from a steady income stream.

The strategy also supports Metaplanet’s aim to generate annual profits and increase shareholder value, all while maintaining its focus on Bitcoin.

He concluded:

“Metaplanet remains committed to being a Bitcoin-only companyrich9, focused on maximizing our long-term exposure to this transformative asset. By utilizing both direct holding and yield-generating strategies, we position ourselves to capitalize on Bitcoin’s growth potential while maintaining a stable and profitable foundation.”

Mentioned in this article " data-src="https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2019/09/bitcoin-logo.jpg&w=16&h=16&q=75" data-srcset="https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2019/09/bitcoin-logo.jpg&w=24&h=24&q=75 1.5x, https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2019/09/bitcoin-logo.jpg&w=32&h=32&q=75 2x"> Bitcoin " data-src="https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/04/metaplanet-jp.jpg&w=16&h=16&q=75" data-srcset="https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/04/metaplanet-jp.jpg&w=24&h=24&q=75 1.5x, https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/04/metaplanet-jp.jpg&w=32&h=32&q=75 2x"> Metaplanet

Related NewsRelated Articles

  • lodibet Tamworth 0-3 Tottenham,

    2025-01-13

    Tamworth held Tottenham for 101 minutes Tamworth held Tottenham for 101 minutes Tamworth manager Andy Peaks could not hide his pride after the non-league team took Tottenham to extra time in the FA Cu...

  • fc188 Journalist, Palanca awarde

    2024-12-16

    MANILA, Philippines Journalist and Palanca awardee Lina Sagaral-Reyes died on Saturday at the age of 63fc188, the Cagayan de Oro Press Club (COPC) announced. A multi-awarded journalist and artist thro...

  • jb casino MLB investigates to en

    2024-12-16

    FILE– Roki Sasaki #14 of Team Japan reacts after an out in the third inning against Team Mexico during the World Baseball Classic Semifinals. Eric Espada/Getty Images/AFP  DALLAS — Ma...

  • jollibet India Vs Bangladesh Fin

    2024-12-14

    Bangladesh beat Pakistan by seven wickets in the first semi-final of ACC Under-19 Asia Cup 2024. Photo: X/Asian Cricket Council Bangladesh beat Pakistan by seven wickets in the first semi-final of ACC...