Metaplanet Boosts Bitcoin Holdings to 44000 BTC in Q3

Metaplanet, a Tokyo-listed Bitcoin treasury firm, added a net 1,000 BTC in Q3 2022, bringing its total holdings to 44,000 BTC, worth approximately $3.8 billion as of September 30. The company achieved this by first selling 10,000 BTC for about $789.2 million at an average price of $78,925 per BTC, then repurchasing 11,000 BTC for roughly $948.7 million at an average of $86,246 per BTC. This strategic move was designed to demonstrate liquidity and support its debt servicing capabilities.

The firm’s total cost basis for its Bitcoin holdings now stands at about $4.33 billion, or $98,454 per BTC. Metaplanet also introduced a new Net Interest Income Strategy, aiming to allocate 10-15% of its assets to preferred securities issued by Bitcoin treasury companies. This initiative is intended to generate returns above the company’s funding costs and support further Bitcoin purchases.

In addition to its core holdings, Metaplanet operates a Bitcoin options income business, which generated $5.4 million in revenue during Q3, down 51% from the previous quarter and 65% year over year. The nine-month revenue from this business reached about $35.2 million. CEO Simon Gerovich emphasized the company’s goal to become the leading Bitcoin financial company in Asia. Shares of Metaplanet closed 2% higher on Monday at 297 yen ($1.88).