Metaplanet Buys Net 1,000 Bitcoin and Expands Its Holdings
Metaplanet is using a sale and buyback to show liquidity and strengthen its credit profile. At the same time, the Japanese treasury firm is continuing to build a Bitcoin balance of 44,000 BTC.
Key Takeaways
- Metaplanet added a net 1,000 Bitcoin in the third quarter and ended up with 44,000 BTC, worth about $3.8 billion.
- The company sold 10,000 BTC and then bought back 11,000 BTC to show liquidity and strengthen its credit profile.
- The Bitcoin Income Generation arm posted $5.4 million in revenue in the third quarter, while Metaplanet introduced new income strategies with preferred securities.
Metaplanet added a net 1,000 Bitcoin in the third quarter, bringing its total to 44,000 BTC, worth about $3.8 billion (€3.4 billion) as of September 30. The Japanese Bitcoin treasury firm first sold 10,000 BTC and then bought back 11,000 BTC. The main goal was to show that it has enough liquidity and wants to strengthen its credit profile.
Sale and Buyback
The company sold the 10,000 BTC for about $789.2 million (€703 million), at an average price of $78,925 (€70,300) per coin. After that, Metaplanet bought back 11,000 BTC for $948.7 million (€845 million), averaging $86,246 (€76,800) each. The temporary cash position was meant to show that it could cover its outstanding interest-bearing debt, even though that debt was not paid off.
Metaplanet’s total holdings now have a cost basis of about $4.33 billion (€3.9 billion), or an average of $98,454 (€87,700) per BTC. That means the company still leans heavily on Bitcoin as the core of its balance sheet, but the recent transactions also show that it is actively managing financing and liquidity.
More Than Just Accumulation
CEO Simon Gerovich said the announcements go beyond just building Bitcoin holdings. According to him, Metaplanet wants to become the leading Bitcoin financial company in Asia. That fits the broader trend where Bitcoin treasury companies are not just holding coins, but also trying to generate income from other financial products.
The company also introduced a Net Interest Income Strategy focused on investments in preferred securities from other Bitcoin treasury companies. Metaplanet wants to put about 10% to 15% of total assets into that strategy and aims for returns above its own funding costs, so it can pay interest obligations and possibly buy more Bitcoin.
Revenue From Bitcoin Strategy
Metaplanet’s Bitcoin Income Generation arm posted about $5.4 million (€4.8 million) in revenue in the third quarter. That was 51% lower than in the second quarter and 65% lower than a year earlier. For the first nine months, revenue came to about $35.2 million (€31.4 million), marking eight straight quarters of revenue from this activity.
For European crypto followers, this matters because it shows how far Bitcoin treasury companies have gone with their financing models. It is not just about the BTC holdings anymore, but also about how these companies combine debt, preferred securities, and extra income to keep their balance sheets moving. Metaplanet shares closed 2% higher on Monday at 297 yen, or $1.88 (€1.67). Strategy’s recent liquidity boost also shows that large treasury companies are increasingly managing their balance sheets actively, beyond simply buying BTC.
