Metaplanet added 1,000 BTC net in the third quarter, bringing its total holdings to 44,000 BTC worth approximately $3.8 billion as of Sept. 30. The Japanese company executed a strategic sale and repurchase cycle, selling 10,000 BTC for approximately $789.2 million at an average price of $78,925 per coin before purchasing 11,000 BTC for $948.7 million at an average of $86,246 per coin. CEO Simon Gerovich explained that the announcements reflected ambitions beyond accumulating Bitcoin, stating 'Our objective has been to build the leading Bitcoin financial company in Asia'. The company temporarily held the proceeds in cash to demonstrate it could cover outstanding interest-bearing debt, though those obligations were not repaid, before subsequently repurchasing Bitcoin at higher prices.
Metaplanet has revised its capital allocation policy to maintain 85% to 90% of assets in Bitcoin while setting aside 10% to 15% for strategic investments that can generate recurring income. According to an Oct. 5 disclosure, the Tokyo-listed company plans to fund most Bitcoin purchases with permanent equity capital, while Bitcoin-related borrowing through its collateralized credit facility will generally remain below roughly 10% of the net asset value of its BTC holdings. The company's total holdings have a cost basis of approximately $4.33 billion, averaging $98,454 per BTC. CEO Simon Gerovich explained that the company sold and repurchased Bitcoin during the third quarter as part of an exercise to demonstrate the liquidity of its reserves, ultimately adding 1,000 BTC to its holdings.
Metaplanet's options-based Bitcoin Income Generation business reported approximately $5.4 million in Q3 revenue, down 51% from Q2 and 65% year over year. However, nine-month revenue reached approximately $35.2 million, marking eight consecutive quarters of revenue generation. The company has introduced a Net Interest Income Strategy targeting investments principally in preferred securities issued by Bitcoin treasury companies, planning to allocate approximately 10% to 15% of total assets to these investments. Metaplanet launched its BitBonds program in August with four private bond placements totaling around 200 million yen, featuring unsecured senior bonds with annual interest rates ranging from 4% to 4.3% and maturing in roughly three years.
Metaplanet has restructured its asset allocation strategy, allowing up to 15% of its assets to be deployed outside Bitcoin for the first time since its Bitcoin accumulation began in April 2024. CEO Simon Gerovich explained that the diversification strategy was always part of the company's broader vision, stating 'From the beginning, our strategy was never simply to accumulate Bitcoin'. The new allocation framework will fund three specific initiatives: acquiring takeovers, purchasing income-paying securities, and seeding a planned investment business. In August, Metaplanet agreed to transfer 2,100 BTC and $2.5 million to Super League Enterprise, a Nasdaq-listed media company, with plans to control it pending approvals and rename it Superplanet.
Metaplanet shares closed 2% higher at 297 yen ($1.88) on Monday, according to latest reports. The stock remains down around 29% for 2026 despite its large longer-term gain since the Bitcoin treasury strategy began. The company's diversification strategy addresses market valuation challenges, as the stock market values the Tokyo company at less than its Bitcoin holdings. Counting its debt, the market valued it at 74 cents per dollar of Bitcoin on Monday, according to BitcoinTreasuries. The directors said Metaplanet is now working with an international compensation adviser on a new performance-linked executive incentive plan, with no final structure or launch date disclosed.
