Japanese bitcoin treasury firm Metaplanet added a net 1,000 Bitcoin in the third quarter, bringing its holdings to 44,000 BTC worth about $3.8 billion as of September 30, according to the company’s disclosures reported by CoinDesk. The Tokyo-listed firm has become one of Asia’s most aggressive public bitcoin accumulators since it began buying the asset in April 2024, and the latest gain came through a sale and repurchase designed to demonstrate liquidity rather than simple accumulation. The move extends a buying streak that has made the firm one of the region’s most closely watched bitcoin treasuries.
The Sale-and-Repurchase Behind the Quarter
Metaplanet sold 10,000 BTC for roughly $789.2 million at an average of $78,925 per coin, then bought 11,000 BTC for $948.7 million at an average of $86,246. The firm temporarily held the proceeds in cash to show it could cover interest-bearing debt, though those obligations were not repaid, before repurchasing at higher prices. Executives framed the move as proof the company can access liquidity quickly while keeping its long-term bitcoin exposure, a point lenders scrutinize on crypto treasury balance sheets. Its total position now carries a cost basis of about $4.33 billion, or $98,454 per coin.
A New Income Strategy
The company also introduced a Net Interest Income Strategy targeting investments principally in preferred securities issued by bitcoin treasury companies, with plans to allocate about 10% to 15% of total assets to the effort. The program is intended to generate returns above Metaplanet’s funding costs, helping service existing obligations while supporting further bitcoin purchases, and runs alongside a bitcoin options operation that has generated revenue for eight consecutive quarters. Its options-based Bitcoin income business produced roughly $5.4 million in Q3 revenue, down 51% from the prior quarter and 65% year over year, while nine-month revenue reached about $35.2 million. The third-quarter sale exceeded the size of the company’s entire debt, underscoring the scale of the liquidity demonstration. “Our objective has been to build the leading Bitcoin financial company in Asia,” CEO Simon Gerovich said.
The quarter strengthens Metaplanet’s position among Asia’s largest corporate bitcoin holders, following a path that Strategy and other public treasury firms have pursued with income-generating strategies alongside their holdings. Shares closed 2% higher on Monday at 297 yen ($1.88).