Metaplanet, the Japanese investment adviser, announced the acquisition of an additional 1 billion yen in Bitcoin, which is equivalent to 6.7 million U.S. dollars. The firm further disclosed on Monday that it bought approximately 108.8 BTC at around 9.2 million yen per coin.
In May of this year, the company adopted Bitcoin as a reserve asset to mitigate the volatility of the Japanese yen, the native currency.
This acquisition makes Metaplanet the second-largest Bitcoin reserve among companies listed in Asia, following Meitu, which is a Hong Kong-based technology firm.
Meitu currently holds about 941 BTC, while Metaplanet’s total Bitcoin holdings are 639.5 BTC, valued at around $490.6 million as per the current market price. However, both these companies are just behind MicroStrategy, which has over 252,000 BTC and currently holds the title of the largest publicly traded company in the world, which holds Bitcoin.
Now, Metaplanet has initiated the sale of Bitcoin put options and plans to buy more Bitcoin with its profits. On October 3rd, Metaplanet sold over 220 contracts, resulting in a profit of 23.972 bitcoins, equivalent to 1.44 million U.S. dollars.