Metaplanet (3350), the Japanese listed bitcoin treasury company, held 44,000 BTC valued at $3.8 billion as of Sept. 30 after adding a net 1,000 coins in the third quarter, according to company disclosures.

The Tokyo-headquartered firm executed a deliberate sale-and-repurchase cycle during the quarter. It sold 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 of $86,246. Metaplanet temporarily held the proceeds in cash to demonstrate that it could cover outstanding interest-bearing debt, although those obligations were not repaid. It then repurchased bitcoin at higher prices, widening the gap between market value and cost basis. Its total holdings carry a cost basis of approximately $4.33 billion, averaging $98,454 per BTC.

What was the strategic rationale?

CEO Simon Gerovich framed the moves as part of a broader ambition beyond simple accumulation. "Our objective has been to build the leading Bitcoin financial company in Asia," Gerovich said. The transaction cycle, he added, illustrated balance-sheet flexibility ahead of the company's planned push into income-generating assets.

Metaplanet also introduced a Net Interest Income Strategy, targeting investments principally in preferred securities issued by bitcoin treasury companies. The firm plans to allocate roughly 10% to 15% of total assets to these instruments, seeking returns above its funding costs to service debt obligations and finance further bitcoin purchases.

How did the options business perform?

The company's options-based Bitcoin Income Generation segment reported approximately $5.4 million in Q3 revenue, down 51% from Q2 and 65% year over year. Nine-month revenue reached approximately $35.2 million, marking eight consecutive quarters of revenue generation. The decline reflects compressed volatility premiums during the quarter, a structural feature of covered-call strategies in range-bound markets.

What is the cost basis signaling?

Metaplanet's $98,454 average acquisition price sits well above spot at the time of the repurchase. With the average buyback price of $86,246 per coin during Q3, treasury additions are being layered in at progressively lower implied cost — but the legacy cost basis still anchors future impairment calculations under Japanese GAAP.

How are markets reacting?

Metaplanet shares closed 2% higher on Monday at 297 yen ($1.88). The Tokyo Stock Exchange listing has become a bellwether for Asia's listed bitcoin treasury cohort, a group that now competes directly with U.S. peers Strategy (MSTR) and Marathon Digital for institutional attention.

What changes for the sector?

The shift toward preferred securities marks a maturation step for listed bitcoin treasuries. By targeting instruments issued by peer firms, Metaplanet is building a closed-loop yield structure that ties the cost of capital across the cohort. Investors should watch the firm's next quarterly filing for the size of initial preferred-security allocations and any changes to outstanding debt covenants, both of which will shape the pace of further bitcoin accumulation through year-end.