Metaplanet revealed that they gained approximately 23.972 BTC, worth about $1.40 million at today’s rates, through the sale of Bitcoin put options and the collection of premiums.<\/p>\n
The firm entered into a BTC options contract with QCP Capital, where they sold 223 Bitcoin put options with a strike price of $62,000 each. They explained:<\/p>\n
\nBy selling these put options, the company can ramp up its Bitcoin holdings if the market price drops under the strike price of $62,000 at maturity.<\/p>\n<\/blockquote>\n
The maturity for these options is scheduled for December 27, 2024. Importantly, Metaplanet\u2019s approach to using put options not only increases their BTC holdings but also bolsters their financial position, aligning with their strategy for sustained asset growth. The announcement noted:<\/p>\n
\nThis tactic enhances the company\u2019s Bitcoin reserves and strengthens our balance sheet, aligning with our commitment to boosting long-term Bitcoin exposure and improving our financial standing to support profitability.<\/p>\n<\/blockquote>\n
For the options trading, the company utilized margin collateral amounting to around $13.8 million, which was raised through the sale of stock acquisition rights. This collateral guarantees that their existing Bitcoin holdings remain safe and are not impacted by this strategy.<\/p>\n
<\/span>Motivation for the Options Trade<\/span><\/h2>\n
Simon Gerovich, CEO of Metaplanet, discussed<\/a> the options strategy on X, highlighting how selling put options allows the company to take advantage of BTC’s volatility to earn premiums, thus increasing their Bitcoin without solely relying on market purchases.<\/p>\n
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