Tokyo Stock Exchange-listed firm Metaplanet just grabbed another 696 Bitcoin (BTC)—its most recent step in a bid to build one of the largest corporate Bitcoin treasuries in the world.

The Japanese investment company said it had acquired the coins as part of its Bitcoin Income Generation strategy, which involves selling put options and using the collateral to purchase Bitcoin at an effective discount, in a statement released Tuesday.

Metaplanet acquired 645.74 BTC when cash-secured put options they sold were exercised, and received 50.26 BTC as premiums from selling those options—bringing the total to 696 BTC added in the quarter, the company said.

“Cash-secured” refers to the company reserving sufficient capital upfront to fulfill its obligation to purchase Bitcoin if the put options are exercised.

That strategy generated over $5.1 million (¥770 million) in premiums in Q1 2025 alone—an 11.4% increase from the previous quarter—while also enabling the company to acquire Bitcoin at an effective price of just $88,800 per coin (¥13.48 million), below market rates at the time of execution.

While the acquisition nominally cost $96,000 (¥14.58 million) per BTC, the premium income reduced the net cost—demonstrating what Metaplanet called “improved BTC acquisition efficiency.”

Tuesday’s announcement is the latest in a string of moves that point to Metaplanet’s transformation into a full-blown Bitcoin treasury.

The company has now amassed 3,896 BTC through a mix of strategic options trading and capital raises. At current prices, its Bitcoin holdings are worth over $324 million.

The latest acquisition officially places the firm as the ninth-largest corporate Bitcoin holder globally, just behind tech heavyweights like Tesla and Block, according to BitcoinTreasuries.net.

To fund its accumulation, Metaplanet approved a $13.3 million (¥2 billion) zero-coupon bond issuance on March 31.

That followed a $25.9 billion raise completed in February through unsecured bonds and stock acquisition rights issued to EVO FUND.

Edited by Stacy Elliott.