Metaplanet has strengthened its position among the world's largest corporate Bitcoin holders after acquiring another 696 BTC worth about $67.8 million on April 1. The Japanese company now holds about 4,046 coins, which are currently valued at $350 million.

The new purchase has propelled Metaplanet past Bitcoin Group and Semler Scientific in the ranking of corporate bitcoin holders, taking an honorable ninth place.

Interestingly, the company acquired additional coins using a dual strategy: it bought 645.74 BTC using put options and earned an additional 50.26 BTC in the form of a premium on the same options.

Metaplanet began selling cash-backed Bitcoin put options in the first quarter of fiscal 2025. This approach has earned it over ¥770 million in operating profit (50.26 BTC) in premiums.

The options were sold at higher bitcoin prices early in the quarter, the company said, and were either exercised or expired, allowing the firm to accumulate bitcoin at favorable prices. The ¥770 million raised from the options represents 25.7% of Metaplanet’s ¥3 billion financial plan for the year.

The company also reported that Bitcoin's returns in the first quarter of 2025 exceeded expectations, reaching 95.6% compared to the average of 35%.

Metaplanet shares began to recover after the deal was announced. They rose 2% to about 409 yen, according to Google (NASDAQ: GOOGL ) Finance, after falling more than 17% last week.