Metaplanet Nets 1,000 Bitcoin in Q3 After Selling 10,000 BTC and Buying Back 11,000

Japanese bitcoin treasury firm Metaplanet added a net 1,000 bitcoin in the third quarter, lifting its total to 44,000 BTC, worth about $3.8 billion as of Sept. 30. The gain came from a sale and repurchase designed to show the company can raise cash quickly and to strengthen its credit profile. Total holdings carry a cost basis of roughly $4.33 billion, an average of $98,454 per coin.

Metaplanet Sells 10,000 BTC, Then Buys 11,000 BTC

The company sold 10,000 BTC for about $789.2 million, averaging $78,925 per coin, then bought 11,000 BTC for $948.7 million at an average of $86,246. In between, it held the proceeds in cash to prove it could cover its interest-bearing debt, although those obligations were not actually repaid. The repurchase therefore happened at higher prices than the sale.

Net Interest Income Strategy and Preferred Securities

CEO Simon Gerovich said the goal is to build the leading Bitcoin financial company in Asia. As part of that, Metaplanet introduced a Net Interest Income Strategy that targets investments mainly in preferred securities issued by bitcoin treasury companies. It plans to put about 10% to 15% of total assets into them, aiming for returns above its funding costs to service obligations and support more bitcoin purchases.

Bitcoin Income Generation Revenue and Share Price

The options based Bitcoin Income Generation business earned about $5.4 million in Q3, down 51% from Q2 and 65% from a year earlier. Nine-month revenue totaled around $35.2 million, marking eight straight quarters of revenue. Metaplanet shares closed 2% higher on Monday at 297 yen ($1.88).