Japan-based Bitcoin investment firm Metaplanet, which holds Bitcoin as its major asset, has announced that it sold 233 BTC put options, earning a total premium of 23.97 BTC. By selling put options on 233 BTC, Metaplanet is effectively giving buyers the right, but not the obligation, to sell Bitcoin to them at a specified price (strike price) before the option’s expiration. In return for offering this potential safety net to buyers, Metaplanet received a premium of 23.97 BTC, which represents approximately 10% of the total Bitcoin tied to the options. This strategy can be lucrative if the BTC price remains above the strike price.
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