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Bitcoin Holder Metaplanet Sells BTC Options to Boost Its $32M BTC Stash

The company strengthens its bitcoin position with a strategic options sale, generating nearly 24 BTC ($1.44M) in premium.

Tokyo-listed bitcoin holder Metaplanet Inc. is now using bitcoin (BTC) options to boost its coin stash, diverging from its peer, the U.S.-listed Microstrategy’s debt-fueled accumulation strategy.

On Tuesday, Metaplanet announced the sale of 223 contracts of bitcoin put options at the $62,000 strike with a maturity date of Dec. 27. The transaction involved Singapore-based QCP Capital as the counterparty and generated a premium of 23.972 BTC ($1.44 million). CoinDesk reached out to QCP Capital for a comment.

Metaplanet posted $13.826 million as margin collateral, with each contract offering a 0.1075 BTC premium, which Metaplanet received upfront. The transaction resulted in a nominal yield of 10.75% and an annualized yield of 45.63%.

The $13.826 million of margin collateral came from the proceeds raised during Metaplanet’s eleventh stock acquisition rights exercise. The purpose of this collateral is to ensure Metaplanet can meet the transaction if the option is exercised.

Strategic selling of puts

Metaplanet will use the premium received by selling put options to purchase more bitcoin. The company’s total bitcoin holdings now stand at 530.717 BTC ($32 million).

A put option gives the buyer the right, but not the obligation, to sell the underlying asset at a preset price on or before a specific date. Metaplanet is a put seller, meaning it is obligated to buy BTC at the strike price of $62,000, even if prices are lower on the day of the expiry.

If bitcoin’s price drops below $62,000 by the maturity date, the buyer will likely exercise this option, forcing Metaplanet to buy 223 bitcoin at the higher strike price. Therefore Metaplanet’s bitcoin holdings would increase by 223 bitcoin, even if the market price by Dec. 27 is lower, however the premium partially offsets the spot price risk.

If bitcoin’s price is higher than $62,000 by Dec.27, the buyer is unlikely to exercise the option since they can sell bitcoin on the open market at a higher price. The option would therefore expire worthless, while Metaplanet keeps the 23.972 BTC premium as profit.

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First Mover Americas: Bitcoin Trades Flat While Other Major Cryptos Nurse Losses

The latest price moves in crypto markets in context for Oct. 3, 2024.

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

CoinDesk 20 Index: 1,868.26 -3.74% Bitcoin (BTC): $60,722.20 -0.88% Ether (ETH): $2,366.16 -3.13% S&P 500: 5,709.54 -0.01% Gold: $2,647.23 -0.49% Nikkei 225: 38,552.06 +1.97%

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Bitcoin was flat during the Asian and European mornings, trading about 0.8% lower in the last 24 hours at around $60,750. Iran’s air strikes on Israel, for which the latter has vowed to retaliate, continue to weigh on risk assets, such as bitcoin. Other major cryptos are nursing more significant losses than BTC with ether down over 4.5% at $2,350. The broader digital asset market as measured by the CoinDesk 20 Index is around 4.2% lower. XRP is the worst affected, having dropped 11% after the SEC filed an appeal against the ruling in Ripple’s favor over their long-standing legal dispute.

Despite the generally negative direction in crypto prices, whales are continuing to accumulate bitcoin at unprecedented rates, CryptoQuant founder Ki Young-Ju said in an X post. Whales colloquially refer to influential entities that hold largest amounts of any asset – and on-chain data shows new bitcoin whales are making sizable purchases in anticipation of a bull run ahead. “Real whales move the market through spot trading and OTC markets,” he wrote. “That’s why on-chain data is crucial. The older whales haven’t seen particularly high returns, and the whales who entered in this recent bull run have barely made any profits.”

Tokyo-listed bitcoin holder Metaplanet Inc. is now using bitcoin options to boost its BTC stash. The company announced the sale of 223 contracts of bitcoin put options at the $62,000 strike with a maturity date of Dec. 27. The transaction involved Singapore-based QCP Capital as the counterparty and generated a premium of 23.972 BTC ($1.44 million). Metaplanet posted $13.826 million as margin collateral, with each contract offering a 0.1075 BTC premium, which Metaplanet received upfront. The transaction resulted in a nominal yield of 10.75% and an annualized yield of 45.63%. Metaplanet will use the premium received to purchase more bitcoin. The company’s total bitcoin holdings are worth around $32 million.

Chart of the Day

– Jamie Crawley

CFTC Subcommittee Sends Up Recommendations for Letting Firms Use Tokenized Shares as Collateral: Bloomberg

BlackRock and Franklin Templeton could see tokenized shares of their money-market funds traded as collateral by the end of the year.

The likes of BlackRock and Franklin Templeton could see tokenized shares of their money-market funds pledged in trading after a major group under the aegis of the Commodity Futures Trading Commission (CFTC) approved guidelines for their use, Bloomberg reported on Thursday.

A subcommittee of the CFTC’s Global Markets Advisory Committee voted to pass the recommendations on to the full committee, which is expected to vote on the recommendations later this year, the report said citing two people familiar with the matter.

The report did not reveal what the recommendations were but the mere action that they have been sent to the full committee could be seen as the next step.

The CFTC did not immediately respond to a CoinDesk request for comment.

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) is an example of how creating blockchain-based tokens of traditional investments such as bonds and funds is a fast-growing use case for the larger digital asset space. The BUIDL fund became the largest tokenized Treasury fund just six weeks after its late launch in March. It surpassed $500 million market value in July.

The CFTC’s Global Markets Advisory Committee includes BlackRock and Bloomberg LP, parent of Bloomberg News, the report said.

Grayscale Rolls Out Aave Fund

Aave has becomes one of the largest crypto lending protocol by total value locked.

Grayscale’s has started a new fund which offers exposure to Aave’s AAVE token, the asset manager said on Thursday, in what has been a series of novel products from the crypto asset manager.

Aave is a decentralized lending platform based on the Ethereum blockchain that offers automated loans of cryptocurrency using other tokens you own as collateral. It also lets users lend out their crypto to earn interest.

While the platform’s native token stands at a market capitalization of $2.3 billion, a relatively small number compared to most well-known tokens, the protocol has become the largest cryptocurrency lending protocol by total value locked (TVL), according to data by DeFiLlama.

“Grayscale Aave Trust gives investors exposure to a protocol with the potential to revolutionize traditional finance,” Grayscale’s head of product and research, Rayhaneh Sharif-Askary, said in a statement.

“By leveraging blockchain technology and smart contracts, Aave’s decentralized platform aims to optimize lending and borrowing while removing intermediaries and reducing reliance on human judgment,” he said.

The launch comes only a few weeks after Grayscale rolled out its most recent fund, the Grayscale Avalanche Trust, offering investors exposure to the AVAX (AVAX) token. The asset manager currently offers over 20 different crypto investment products, a number that has grown after the launch of the spot bitcoin exchange-traded funds (ETFs) in January, which spurred interest for publicly tradable products tracking cryptocurrencies.

Grayscale is the issuer of the Grayscale Bitcoin Trust (GBTC) and the Grayscale Mini Bitcoin Trust (BTC) as well as the Grayscale Ethereum Trust (ETHE), which all launched earlier this year.

Ripple Partners With Brazilian Exchange Mercado Bitcoin to Offer Business-Focused Payments Solution

Mercado Bitcoin plans to offer its corporate and retail customers support for international payments, allowing users to transact with Brazilian Reais.

Ripple, a provider of digital asset infrastructure, has partnered with leading Brazilian crypto exchange Mercado Bitcoin to offer businesses its managed end-to-end payments solution.

Mercado Bitcoin use Ripple’s service to improve its internal treasury operations between Brazil and Portugal, Ripple said in a statement. The aim is to offer its corporate and retail customers support for international payments, allowing users to transact with Brazilian Reais. The exchange will be the first customer of Ripple’s business-focused payment solution in the Latin American country.

“Ripple Payments offers unique capabilities that are important to crypto businesses enabling them to streamline operations, optimize liquidity, and ultimately improve margins through real-time payment settlement,” said Silvio Pegado, Ripple’s managing director for Latin America, in a statement.

Jordan Abud, head of banking at Mercado Bitcoin, said the partnership with Ripple “enables Mercado Bitcoin to take another step towards internationalizing its services.”

Brazil is familiar territory for Ripple. The company opened offices in the Latin American country in 2019 and introduced its crypto on-demand liquidity (ODL) service in Brazil in August 2022, in partnership with Travelex Bank.

In September, Ripple Labs CEO Brad Garlinghouse said that the company’s U.S.-dollar pegged stablecoin, Ripple USD (RLUSD), was close to issuance, detailing that “weeks, not months,” was an estimated release time.

RWA Platform Credbull Rolls Out Up to $500M Private Credit Fund with Fixed High Yield on Plume Network

Private credit, a booming market in traditional finance, is a fast-growing sector in the blockchain-based real-world asset sector as well with $9 billion of assets, data shows.

Decentralized private credit platform Credbull is rolling out a new fixed yield credit facility LiquidStone, with a capacity of up to $500 million, exclusively on the real-world asset (RWA) focused blockchain Plume Network, the protocols announced on Thursday.

In the first phase, the product debuts with a fixed 30-day 10% annualized yield with daily redemption features on assets and yield, with assets capped at $100 million at the beginning. The protocol plans a broader rollout in the first quarter of 2025, raising the maximum capacity to $500 million and offering a 90-day fixed yield of 15% annualized.

On top of the yield, both retail and institutional investors may earn rewards for participating in the Plume ecosystem. The underlying assets are diversified across on-chain “high quality liquid assets,” collateralized on-chain lending and high yield trade financing solutions underwritten by loan originators focusing on small and mid-size businesses.

Private credit has been one of the first frontiers of crypto’s RWA tokenization movement, a process that brings traditional financial instruments such as bonds, commodities and funds to blockchain rails in pursuit of efficiency, transparency and accessibility gains.

The blockchain-based private credit market currently stands at $9 billion, rwa.xyz data shows, dominated by fintech firm Figure’s home equity credit line service using the Provenance blockchain. That’s still tiny compared to the booming private credit market in traditional finance, which the IMF estimated to be worth over $2 trillion.

Credbull, led by MicKinsey alum Jason Dehni as CEO, is one of the newer entrants, aiming to broaden access to high-yield structured products using blockchain tech to cut costs. Its first fund debuted on Polygon this year and is regulated in the Bahamas. The company raised $5.2 million in August in a venture capital round led by GnosisVC.

Plume is an Ethereum-based layer-2 blockchain specializing on RWA finance, backed by Galaxy and Haun in a $10 million fundraising round earlier this year.

Relm Insurance Introduces BTC-Denominated Policy for Bitcoin Miners

The aim of the policy is to offer bitcoin miners with financial protection against losses from operational interruptions caused by physical damage to equipment or facilities

Bermuda-registered Relm Insurance has introduced a policy covering bitcoin miners’ for periods of business interruption.

BTC Business Interruption Insurance is denominated in bitcoin, the first such policy to do so, according to an emailed announcement on Thursday.

The aim of the policy is to offer bitcoin miners with financial protection against losses from operational interruptions caused by physical damage to equipment or facilities.

Bitcoin mining companies have faced headwinds in recent months relating to the block reward for producing new BTC being halved and bitcoin’s price being restrained by selling pressure and various geopolitical factors. These challenges could then be compounded by losing capacity to the wear and tear of their machines or outages related to power problems.

Relm is licensed to offer indemnification to bitcoin miners in the same currency that they are mining thanks to its Class Innovative Insurer General Business (IIGB) license from the Bermuda Monetary Authority.

Bitcoin Not a Safe Haven From Geopolitical Risks, But Still Buy the Dip: Standard Chartered

Risks stemming from the Middle East conflict are likely to push bitcoin below $60K before the weekend, the report said.

Geopolitical risk related to the ongoing conflict in the Middle East will likely weigh on the bitcoin (BTC) price and push it below the $60,000 level before the weekend, still, the dip should be bought, investment bank Standard Chartered (STAN) said in emailed comments Thursday.

The world’s largest cryptocurrency is not a safe haven against geopolitical risks, the report said.

“Gold is a geopolitical hedge,” wrote Geoff Kendrick, global head of digital assets research at Standard Chartered, adding that “BTC is a hedge against TradFi issues such as bank collapses or de-dollarisation/U.S. Treasury issues.”

The bank noted that geopolitical concerns depressed the bitcoin price while at the same time increasing Donald Trump’s odds of winning the U.S. election in November, “which improves BTC’s post-election probabilities.”

Options market activity also supports this view, with open interest for the bitcoin December expiry at 80,000 jumping in recent days, the report noted.

Bitget Research echoed this positive sentiment. “Despite the general downturn, institutional investors continue to buy digital currency at a rate at par or higher than the quantity mined daily,” said Ryan Lee, chief analyst of Bitget Research, in emailed comments.

Bitcoin was trading around $60,500 at publication time, falling about 0.4% on the day, while broader crypto market index CoinDesk 20 (CD20) fell 5.5%.

Binance’s Crypto Market Share Sinks to 4-Year Low

While Binance remains a giant in crypto trading, its volumes dropped over 20% in September versus the previous month, while rival Crypto.com’s surged over 40%.

Crypto exchange giant Binance’s lead over rivals melted to its narrowest in four years as rivals grabbed market share, CCData said in a Thursday report.

Binance handled 36.6% of overall spot and derivatives trading volume on centralized crypto exchanges, the exchange’s worst result since September 2020.

Its spot trading dropped by nearly 23% from August, driving its spot market share down to 27%, the lowest reading since January 2021, the report said. The platform’s derivatives trading also declined 21%, representing a 40.7% market share among centralized exchanges, the lowest level since September 2020.

Binance representatives haven’t returned a request for comment by publishing time.

One of the beneficiaries of Binance’s decline was Crypto.com, which grew its spot and derivatives trading volume by more than 40% on a month-to-month basis, CCData pointed out. Year-to-date, the exchange booked the largest gain in spot trading, increasing its market share to 10.5%.

Overall, trading activity on crypto exchanges waned last month with derivatives and spot trading volumes both falling 17%, the report noted. September historically marks the end of a weak mid-year season in trading, giving way to a busier last quarter, CCData analysts said. “With catalysts such as increased market liquidity following the Federal Reserve’s interest rate cut and the upcoming U.S. election, trading activity on centralized exchanges is expected to rise in the coming months,” the authors wrote.

Binance’s waning dominance coincided with increasing regulatory pressure on the exchange.

Last month, the U.S. Securities and Exchange Commission (SEC) filed a proposed amended complaint against Binance, scrutinizing the exchange’s token listing practice. It was a follow-up on the regulator’s June 2023 lawsuit, which alleged Binance operated as an unregistered broker, clearinghouse and trading venue, and offered unregistered securities. The exchange agreed to pay a $4.3 billion fine to various U.S. regulators to settle those charges.

The company’s founder and former CEO Changpeng “CZ” Zhao pleaded guilty and was sentenced to four months in prison for violating the Bank Secrecy Act (BSA) by failing to set up adequate know-your-customer (KYC) systems at the trading venue. He was released last week.

NFT Mania Is Back? Maybe Not, but a CryptoPunk Just Sold for a Record $56.3M

Punk 1563 changed hands for 24,000 ETH, a huge markup versus recent pricing.

A hallmark of the last cryptocurrency bull market was the remarkably high sale prices for various non-fungible tokens (NFTs).

The world has largely moved on from NFTs, with enthusiasm for crypto products embellished with quirky images now directly toward memecoins – so, so many memecoins.

Yet, on Thursday, a sign of bull markets past returned: A CryptoPunk NFT just sold for a record price of $56.3 million. The prior all-time high of $23.7 million was set in February 2022, months before the crypto winter got truly dark.

Punk 1563, depicting a pixelated woman with dark hair and blue eyes, fetched 24,000 ether (ETH) in the transaction. As recently as September, it was offered for sale for less than 30 ETH – meaning the latest deal represented a huge markup versus recent pricing.

NFTs have historically seen all manner of weirdness around sales. There was the time in 2021 when another CryptoPunk technically sold for $532 million, though blockchain data clearly show the same person was on both sides of the trade.

And there have been allegations that NFT were used for money laundering.

It’s not clear what the motivations were for Punk 1563, though.