Metaplanet's BTC Holdings Swell to 44,000 Amid Price Increase

Metaplanet, a Japanese Bitcoin treasury company, has made a series of transactions in the third quarter that have left some questioning its strategy. The company sold 10,000 BTC for approximately $789.2 million, at an average price of $78,925 per Bitcoin, and then bought back 11,000 BTC for $948.7 million, this time at an average price of $86,246.

The net result of these transactions was a 1,000 BTC increase in Metaplanet's holdings, bringing its total to 44,000 BTC. The value of these holdings as of September 30 was reported at approximately $3.8 billion.

According to CEO Simon Gerovich, the company's goal was to demonstrate its liquidity and strengthen its credit profile. By temporarily holding the proceeds from the sale in cash, Metaplanet aimed to show that it had enough liquidity to meet its interest-bearing debt obligations.

The company's total Bitcoin holdings now cost approximately $4.33 billion, with an average cost of $98,454 per BTC.