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

Metaplanet bought Bitcoin at an average purchase price of nearly 14.6 million yen ($ 97,500) for a total consumption of 10.15 billion yen.

The company’s total BTC holdings were purchased at an average price of around $ 86,500.57 per Coin.

Metaplanet funded its purchases in the first quarter of quarter through the sale of cash secured BTC Put Options – Futures contracts that focus on the price of the underlying asset that goes down.

These options were written at the beginning of the quarter when BTC scaled over $ 100,000 all the time. The metaplan said it earned 770.3 million yen in revenue using this method.

“Compared to Direct Spot purchases at that time, the strategy enabled it to acquire more Bitcoin per Yen implemented – benefits from premium income and a reduced effective cost base,” the metaplan said in a statement on Tuesday.

The Metaplan’s latest BTC purchase makes it the ninth largest public owner of Bitcoin, according to data traced by Bitcoin Treasuries.

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