Metaplanet Adds 1,000 BTC to Treasury in Third Quarter
Japanese firm Metaplanet increased its bitcoin holdings to 44,000 BTC during the third quarter, while launching a new strategy focused on preferred securities.
Metaplanet added a net 1,000 bitcoin to its treasury during the third quarter, bringing its total holdings to 44,000 BTC as of September 30. The firm reported the value of these holdings at $3.8 billion.
The company executed a sale and repurchase of bitcoin during the period to demonstrate liquidity and strengthen its credit profile. Metaplanet sold 10,000 BTC for approximately $789.2 million, at an average price of $78,925 per coin. It subsequently purchased 11,000 BTC for $948.7 million, averaging $86,246 per coin.
While the proceeds from the sale were held in cash to show the company could cover its outstanding interest-bearing debt, the obligations were not repaid. The firm's total bitcoin holdings now have a cost basis of approximately $4.33 billion, with an average cost of $98,454 per BTC.
CEO Simon Gerovich stated that the company is aiming to build the leading Bitcoin financial company in Asia. As part of this expansion, Metaplanet introduced a Net Interest Income Strategy, which targets investments in preferred securities issued by other bitcoin treasury companies. The firm plans to allocate 10% to 15% of its total assets to this strategy to generate returns above its funding costs.
Metaplanet also reported on its options-based Bitcoin Income Generation business, which generated approximately $5.4 million in revenue during the third quarter. This figure represents a 51% decline from the second quarter and a 65% drop year over year. Total revenue for the first nine months of the year reached approximately $35.2 million.
Shares of Metaplanet closed 2% higher on Monday at 297 yen, or $1.88.
