Metaplanet, the Japanese bitcoin treasury firm, added a net 1,000 bitcoin in the third quarter, bringing total holdings to 44,000 BTC as of Sept. 30, according to the company’s latest disclosure. The addition came through a deliberate cycle: the firm sold 10,000 BTC for $789.2 million, then repurchased 11,000 BTC for $948.7 million, locking in a net gain while demonstrating liquidity against debt obligations.
The sale proceeds were held temporarily in cash to show the company’s ability to cover outstanding interest-bearing debt, though obligations were not repaid. The strategy reflects Metaplanet’s effort to balance treasury growth with financial flexibility as it pursues what CEO Simon Gerovich called its core mission: “Our objective has been to build the leading Bitcoin financial company in Asia.”
Pricing and Cost Basis
The sold bitcoin averaged $78,925 per coin, while the repurchased holdings averaged $86,246 per coin, capturing the price movement between the two transactions. Metaplanet’s total 44,000 BTC position carries a cost basis of approximately $4.33 billion, or $98,454 per bitcoin on average. At current valuations, the holdings were worth approximately $3.8 billion as of the measurement date.
Net Interest Income Strategy
The company introduced a Net Interest Income Strategy targeting investments in preferred securities issued by bitcoin treasury companies. The approach aims to generate returns above funding costs, allowing Metaplanet to service debt obligations and support further bitcoin acquisitions. The firm allocated between 10% to 15% of capital toward these preferred securities investments.
Revenue Decline in Options Business
Metaplanet’s options-based Bitcoin Income Generation business generated $5.4 million in revenue during Q3, marking a 51% decline from Q2 and a 65% decline year-over-year. The nine-month revenue total reached $35.2 million across eight consecutive quarters of generation. The company did not explain the sharp revenue contraction in its disclosure.
Metaplanet’s share price closed at 297 yen on Monday, equivalent to $1.88 in USD, reflecting investor sentiment on the treasury moves and operational performance.
