Hassan Maishera
TL;DR
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Metaplanet added a net 1,000 BTC in the third quarter, bringing its holdings to 44,000 BTC.
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The company sold 10,000 BTC for $789.2 million before buying 11,000 BTC for $948.7 million.
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It temporarily held cash to demonstrate debt coverage, but did not repay the outstanding obligations.
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A new income strategy targets preferred securities issued principally by bitcoin treasury companies.
Bitcoin Holdings Rise Following Treasury Restructuring
Japanese bitcoin treasury company Metaplanet ended the third quarter with 44,000 BTC, worth approximately $3.8 billion as of Sept. 30, after a sale and repurchase that increased its holdings by a net 1,000 bitcoin.
*Notice of Additional Purchase of Bitcoin (Including Sale and Reacquisition of Bitcoin to Demonstrate Liquidity)* https://t.co/ctW3D4hVXG
— Metaplanet Inc. (@Metaplanet) October 5, 2026
The transactions formed part of an effort to demonstrate liquidity and strengthen the company’s credit profile. They also accompanied the introduction of a new investment strategy intended to generate income above Metaplanet’s funding costs.
CEO Simon Gerovich described the announcements as part of a broader ambition beyond accumulating cryptocurrency.
“Our objective has been to build the leading Bitcoin financial company in Asia,” he said.
The latest disclosures show Metaplanet combining bitcoin ownership with income-generating activities as it seeks to support its financial obligations and future purchases.
Metaplanet Sold Bitcoin Before Buying Back at Higher Prices
During the quarter, Metaplanet sold 10,000 BTC for approximately $789.2 million, receiving an average of $78,925 per coin.
The company temporarily held those proceeds in cash to demonstrate that it could cover its outstanding interest-bearing debt. However, it did not use the proceeds to repay those obligations.
Metaplanet subsequently purchased 11,000 BTC for approximately $948.7 million at an average price of $86,246 per coin. The repurchase therefore occurred at a higher average price than the sale, while increasing the number of bitcoin held.
Taken together, the transactions involved approximately $159.5 million more in purchases than sale proceeds and produced the net addition of 1,000 BTC.
Metaplanet’s total bitcoin holdings now have an aggregate cost basis of approximately $4.33 billion, equivalent to an average acquisition price of $98,454 per BTC. The reported $3.8 billion market valuation sits below that cost basis, although the value changes with bitcoin’s price.
Metaplanet also introduced a Net Interest Income Strategy focused principally on preferred securities issued by bitcoin treasury companies.
It plans to allocate approximately 10% to 15% of its total assets to these investments. The objective is to earn returns exceeding its funding costs, creating income that can help service obligations and support additional bitcoin acquisitions.
The allocation is a planned target rather than confirmation that the full amount has already been invested.
This approach would add exposure to securities issued by other treasury businesses alongside Metaplanet’s direct bitcoin holdings. Its success will depend on the income those investments produce relative to the company’s financing expenses.
The announcement positions income generation as an additional component of Metaplanet’s financial model, with bitcoin accumulation remaining part of the intended use of returns.
Options Business Revenue Falls in Q3
Metaplanet’s existing options-based Bitcoin Income Generation business reported approximately $5.4 million in third-quarter revenue.
That figure was down 51% from the second quarter and 65% compared with the same period a year earlier, indicating a substantial slowdown in quarterly revenue.
Nevertheless, nine-month revenue reached approximately $35.2 million. The business has now generated revenue for eight consecutive quarters.
The decline provides context for the new strategy: Metaplanet is seeking another source of income while its established options operation continues generating revenue at a lower quarterly level.
Investors responded positively to Monday’s announcements, with Metaplanet shares closing 2% higher at 297 yen, or approximately $1.88. The company enters the next quarter with a larger bitcoin treasury, outstanding debt still in place and plans to broaden its income sources.
