Metaplanet Completes BTC Round-Trip Transaction Increasing Holdings to 44,000

Metaplanet completed a notable round-trip transaction in fiscal Q3 2026, selling 10,000 BTC and later repurchasing 11,000 BTC, increasing its total holdings to 44,000 BTC. The company sold the initial 10,000 BTC for approximately $789.2 million at an average price of $78,925 per coin, then bought back 11,000 BTC for $948.7 million at an average price of $86,246 per coin. This resulted in a net gain of 1,000 BTC, though the repurchase was made at a higher price than the sale.

The transactions were part of a strategy to demonstrate liquidity and explore financing options such as corporate bonds and preferred shares. Metaplanet held the cash from the sale until it exceeded its interest-bearing debt, although the debt was not repaid. The company valued its 44,000 BTC holdings at about $3.8 billion as of September 30, 2026, with a total cost basis of approximately $4.33 billion, or an average of $98,454 per BTC.

Metaplanet's capital allocation policy allocates 85% to 90% of total assets to bitcoin, with the remaining 10% to 15% for acquisitions and income-generating investments. The company also introduced a Net Interest Income Strategy to invest in preferred securities issued by other bitcoin treasury companies, aiming for returns above its funding costs.

The strategy's success will depend on whether Metaplanet can manage its bitcoin position without adding leverage or paying higher prices for repurchases. The company's operating business generated about $5.4 million in third-quarter revenue, down 51% from the previous quarter and 65% from the same period a year earlier.