Metaplanet sold 10,000 bitcoin then repurchased 11,000 at higher prices

Metaplanet, the Tokyo-listed bitcoin treasury company, closed the third quarter with 44,000 BTC on its balance sheet after a quarter marked by a large sale and an even larger repurchase at higher prices. The maneuver, combined with a newly disclosed plan to put capital into other treasury firms’ preferred securities, signals the company is trying to prove it can manage debt and diversify income beyond simply stacking coins.

• Metaplanet sold 10,000 BTC for approximately $789.2 million before repurchasing 11,000 BTC for $948.7 million.
• The company’s options-based Bitcoin Income Generation business posted $5.4 million in Q3 revenue, down 51% from the prior quarter.
• Metaplanet shares closed 2% higher at 297 yen, or $1.88, following the disclosures on Monday, October 5.

• 44,000 bitcoin held by Metaplanet, worth $3.8 billion as of Sept. 30
• $78,925 average price Metaplanet received selling 10,000 BTC during the quarter
• $86,246 average price it paid repurchasing 11,000 BTC afterward
• $98,454 average cost basis across the company’s full bitcoin holdings

Metaplanet (ticker 3350) added a net 1,000 bitcoin during the third quarter, taking total holdings to 44,000 BTC, valued at roughly $3.8 billion as of Wednesday, September 30, according to reporting by CoinDesk. The net addition masked a far larger set of transactions: the company sold 10,000 BTC and then bought back 11,000 BTC at a higher average price within the same quarter.

Metaplanet sells 10,000 BTC, then buys back 11,000 at higher prices

Metaplanet sold 10,000 BTC for approximately $789.2 million, an average of $78,925 per coin, the company said on X. It held the proceeds temporarily in cash, a move it said was meant to demonstrate it could cover outstanding interest-bearing debt, though those obligations were not actually repaid.

It then repurchased 11,000 BTC for $948.7 million, averaging $86,246 per coin, according to a separate post. That is roughly $7,300 more per coin than it received on the earlier sale.

Across its full position, Metaplanet’s cost basis now stands at approximately $4.33 billion, or $98,454 per BTC, which exceeds the stack’s current market value of $3.8 billion. The gap reflects bitcoin trading below the company’s average entry price even as its total coin count has grown.

Net Interest Income Strategy targets 10% to 15% of assets in preferred securities

Metaplanet introduced a Net Interest Income Strategy that will invest principally in preferred securities issued by other bitcoin treasury companies, the firm announced. It plans to allocate approximately 10% to 15% of total assets to the strategy, seeking returns above its funding costs to help service obligations and fund further bitcoin purchases.

CEO Simon Gerovich framed the move as part of a wider ambition for the company beyond accumulating bitcoin on its balance sheet.

Our objective has been to build the leading Bitcoin financial company in Asia.

Simon Gerovich, CEO, Metaplanet

The strategy sits alongside Metaplanet’s existing options-based Bitcoin Income Generation business, which has now produced revenue for eight consecutive quarters. Nine-month revenue from that business reached approximately $35.2 million.

Options revenue falls 51% as outstanding debt remains unresolved

The Bitcoin Income Generation business reported approximately $5.4 million in Q3 revenue, down 51% from the second quarter and down 65% from a year earlier. The decline came even as Metaplanet’s overall bitcoin holdings and total disclosed revenue streams expanded.

Metaplanet shares closed 2% higher at 297 yen ($1.88) on Monday, October 5, after the disclosures. The company has not said when, or whether, it intends to repay the interest-bearing debt that the quarter’s cash maneuver was designed to show it could cover.

The BlockWest read. The sale-and-repurchase round trip cost Metaplanet roughly $7,300 per coin versus simply holding, a price allocators should weigh against the stated liquidity message. The new preferred-securities sleeve effectively makes Metaplanet a creditor to peer treasury firms, a cross-exposure that balance sheet analysts covering bitcoin treasury companies will need to start modeling explicitly.

Metaplanet has not disclosed a timeline for addressing the interest-bearing debt its cash maneuver was meant to demonstrate it could cover, leaving open whether repayment, refinancing, or further liquidity demonstrations come next quarter.

BlockWest is a news publication. Nothing here is investment advice. Read our disclaimer and editorial policy.