Japanese hotel company Metaplanet (3350) has purchased an additional 696 BTC ($58.5 million), taking its total stash to 4,046 BTC.

Metaplanet purchased the bitcoin for an average purchase price of nearly 14.6 million yen ($97,500) for a total spend of 10.15 billion yen.

The company's total BTC holdings were bought for an average price of around $86,500.57 per coin.

Metaplanet financed its purchases in Q1 through the sale of cash secured BTC put options - futures contracts which bet on the price of the underlying asset going down.

These options were written at the beginning of the quarter, when BTC was scaling all-time highs above $100,000. Metaplanet said it earned 770.3 million yen in revenue using this method.

"Relative to direct spot purchase at that time, the strategy enabled the company to acquire more bitcoin per yen deployed - benefitting from premium income and a reduced effective cost basis," Metaplanet said in a statement on Tuesday.

Metaplanet's latest BTC purchase makes it the ninth largest public holder of bitcoin, according to data tracked by Bitcoin Treasuries.

The company's Tokyo-listed shares closed 2% at 409 yen on Tuesday, comfortably outperforming the Nikkei 225, which was unchanged on the day.

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