Selling High, Buying Higher Still
Metaplanet’s third-quarter activity stood out for its aggressive trading moves: the company sold 10,000 BTC for roughly $789.
The company temporarily converted its bitcoin proceeds into cash, holding ¥124.7 billion at quarter-end—more than enough to cover its ¥122.4 billion in net liabilities. Yet, despite this financial show of strength, the debts themselves were not repaid; they remain outstanding under their original terms. This creates an interesting tension: Metaplanet wanted to prove it could liquidate assets if necessary, but chose not to actually reduce its leverage.
That headline number—44,000 BTC—looks impressive, but the context is more complicated when factoring in the cost basis.
Big Buys, Bigger Cost Per Coin
Metaplanet’s cumulative bitcoin purchases now carry a total cost basis of approximately $4.33 billion, or an average price of $98,454 per BTC. With Bitcoin currently trading at $82,932—a figure drawn from our proprietary data—the company sits on an unrealized loss per coin of over $15,500. This gap is even starker when compared to Bitcoin’s all-time high of $126,080 reached in October 2025.
The decision to buy back at higher prices than the sale price (a roughly 9% premium) suggests that Metaplanet prioritized optics and liquidity assurance over short-term trading gains. The company also estimates a deferred tax asset of about $97 million at its U.S. subsidiaries due to capital losses generated by these transactions.
Net Interest Income: The New Play
Beyond direct bitcoin accumulation, Metaplanet has rolled out a revised capital allocation framework that allows up to 15% of assets to be deployed into strategic investments—including income-generating securities and potential mergers or acquisitions. The centerpiece is a Net Interest Income Strategy that targets preferred securities issued by other bitcoin treasury companies. Under this model, Metaplanet aims to use returns from these investments both for further bitcoin accumulation and for dividend payments to shareholders.
As reported by coindesk.com, this shift means that while bitcoin still dominates the balance sheet (making up 85%–90% of total assets), there is now a deliberate carve-out for more diversified yield-generating plays. In practice, provide some cushion against bitcoin price swings—though the bulk exposure remains firmly with BTC itself.
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Income Generation Revenue Takes a Hit
Metaplanet’s options-based Bitcoin Income Generation business brought in approximately $5.4 million in revenue during Q3—a sharp decline of 51% from the previous quarter and down 65% year-over-year. Over the first nine months of the year, total revenue from this segment reached about $35.2 million. This downturn in income generation underscores the volatility and unpredictability inherent in options markets and highlights the challenge Metaplanet faces in balancing risk with steady returns.
Despite these headwinds on the income side and a year-to-date drop of 26% in share price (even after a recent five-day rally), management continues to double down on its strategy: CEO Simon Gerovich has reiterated ambitions for Metaplanet to become Asia’s leading Bitcoin financial company.
Why it matters: Practical Impact for Investors
For shareholders and market watchers alike, Metaplanet’s approach offers both reassurance and risk signals. The company’s willingness to sell—and immediately repurchase—large tranches of bitcoin shows operational flexibility and access to deep liquidity pools. However, with an average cost per coin far above current market prices and outstanding debt left untouched after headline-grabbing trades, questions remain about long-term profitability if Bitcoin does not revisit its highs soon.
Meanwhile, the expansion of executive stock options—from 46 million shares to over 319 million—signals confidence from leadership but also dilutes existing ownership stakes if exercised en masse. Investors must weigh these bold moves against declining income generation revenues and ongoing exposure to crypto market volatility.
Metaplanet has chosen visibility and scale over immediate balance sheet repair; whether this pays off will depend on both future bitcoin price action and execution of its new income strategies.
Key risks to monitor
If Metaplanet fails to repay its outstanding liabilities of ¥122.4 billion, which remained unpaid as of September 30 despite demonstrating liquidity by selling and repurchasing 10,000 and 11,000 BTC respectively in Q3, immediate pressure could mount on its balance sheet and credit standing.