Japanese investment firm Metaplanet completed a roll-up transaction involving 223 contracts of Bitcoin put options, raising the strike price from $62,000 to $66,000 in the wake of Bitcoin’s bullish run.

According to an Oct. 16 company notice, Metaplanet has bought back 223 contracts of $62,000 put options from Singapore-based digital asset trading firm QCP Capital from a previous put options sale. The firm has proceeded to sell 223 new contracts with a strike price of $66,000.

This transaction has generated Metaplanet an additional ¥57.9 million or equal to $387,640 in premium put options, which the company recognizes as revenue.

In the notice, Metaplanet stated that the reason behind its decision to repurchase 223 put options contracts from QCP Capital is to capitalize on Bitcoin’s …