PANews reported on October 16 that according to The Block, Japanese listed company Metaplanet has rolled out its Bitcoin put options disclosed on October 3, adjusting the strike price from $62,000 to $66,000, as the company remains optimistic about the prospects of the world's largest cryptocurrency. Option rollover is a strategy where investors open a new position of the same option at a higher strike price while closing an existing option position. In essence, this is a way to increase the strike price of an option position.

Metaplanet announced Wednesday that the deal aims to replace existing bitcoin put options with new options at an updated strike price while keeping the Dec. 27 expiration date. “This increases the notional yield on our options sales and generates an additional 57.9 million yen in premiums, bringing total premium income to 272.5 million yen, which will be included in revenue this year,” Metaplanet CEO Simon Gerovich wrote in an X post. The company noted that margin collateral remained unchanged at about $13.8 million, derived from proceeds from the exercise of its stock acquisition rights.

Specifically, the trades executed by Metaplanet included buying back 223 Bitcoin put options with a strike price of $62,000, while selling the same number of put options at a higher strike price of $66,000. “This adjustment increased the company’s notional return by 2.65% to 13.40%,” the company said, adding that it received a total premium of 5.9 BTC.