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Metaplanet increases Bitcoin holdings to 44,000 BTC
Japan's Metaplanet increased its Bitcoin holdings by a net 1,000 BTC in the third quarter of 2026, bringing the total to 44,000 BTC worth around $3.8 billion. During the reporting period, the company first sold 10,000 BTC and then purchased 11,000 BTC at a higher average price.
The sale generated approximately $789.2 million for Metaplanet at an average price of $78,925 per BTC. The company later spent $948.7 million to purchase 11,000 BTC at an average price of $86,246.
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The proceeds from the sale were temporarily held in cash. Metaplanet said the move was intended to demonstrate its ability to cover existing interest-bearing debt and strengthen its credit profile, although the funds were not directly used to repay the debt.
Up to 90% of Metaplanet's assets to remain in Bitcoin
The company also revised its capital allocation policy. Metaplanet plans to keep around 85%–90% of its total assets in Bitcoin, with the remaining 10%–15% allocated to strategic investments, including M&A, income-generating securities and asset management strategies.
The total cost basis of the 44,000 BTC on its balance sheet is approximately $4.33 billion, or an average of $98,454 per coin. The company intends to generally keep Bitcoin-backed borrowings below 10% of the net asset value of its BTC holdings.
Metaplanet will also selectively issue common shares when its mNAV ratio is above 1.0. CEO Simon Gerovich said the company's goal extends beyond simply accumulating cryptocurrency and is focused on building Asia's leading Bitcoin financial company.
The company also introduced a Net Interest Income Strategy focused primarily on preferred securities issued by other companies with Bitcoin reserves. Metaplanet aims to earn returns above its own cost of funding and use the resulting cash flow to service obligations and finance further BTC purchases.
Bitcoin treasury model becomes a source of income
Metaplanet's Bitcoin Income Generation business, which uses options strategies, generated approximately $5.4 million in revenue in the third quarter. The figure fell 51% from the previous quarter and 65% year over year, while revenue for the first nine months totaled around $35.2 million.
Metaplanet's expansion of the model comes amid debate over the sustainability of corporate Bitcoin strategies. Economist Saifedean Ammous argues that smaller companies will struggle to replicate Strategy's model because of its scale, capital-raising flexibility and substantial cash reserves.
Earlier, we reported that Strategy built a $5 billion reserve to cover dividends and debt servicing. The company plans to use it to meet its obligations without having to sell Bitcoin during unfavorable market conditions.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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