A Japanese hotel enterprise has acquired an additional 696 BTC (valued at $58.5 million), which brings its overall holdings to 4,046 BTC.
The bitcoin was obtained at an average price of approximately 14.6 million yen ($97,500), leading to a total expenditure of 10.15 billion yen.
The average purchase price for the company’s total BTC holdings stands at around $86,500.57 per coin.
To finance its acquisitions in Q1, the company utilized cash-secured BTC put options – futures contracts that predict a decline in the price of the underlying asset.
These options were established at the beginning of the quarter when BTC was reaching all-time highs exceeding $100,000. The enterprise reported a revenue of 770.3 million yen by adopting this approach.
“Compared to direct spot purchases at that time, this strategy allowed the company to acquire a greater amount of bitcoin per yen invested, benefiting from premium income and lowering the effective cost per coin,” the company stated on Tuesday.
With this most recent BTC acquisition, the company now ranks as the ninth largest public holder of bitcoin, as indicated by data collected from Bitcoin Treasuries.
The firm’s shares listed in Tokyo experienced a 2% increase, closing at 409 yen on Tuesday, significantly outperforming the Nikkei 225, which remained unchanged for the day.