Metaplanet Adds 1,000 BTC and Unveils New Net Interest Income Strategy

Highlights:

• Metaplanet increased its Bitcoin holdings to 44,000 BTC after selling and repurchasing Bitcoin during the third quarter.
• The company added a net 1,000 BTC, showing that its Bitcoin reserves can provide liquidity.
• Metaplanet also launched a net interest income strategy to generate recurring revenue and lower funding costs.

Metaplanet has increased its Bitcoin (BTC) holdings to 44,000 BTC after selling 10,000 BTC and later buying 11,000 BTC during the third quarter. The Japan-listed company also launched a new Net Interest Income Strategy as it moves beyond simple Bitcoin accumulation and builds a broader Bitcoin-focused financial business.

CEO Simon Gerovich announced the updates on October 5, alongside four disclosures released by Metaplanet. The company said the sale and repurchase were separate transactions. It first converted Bitcoin into cash, held the proceeds, and then bought Bitcoin again. By September 30, the process left Metaplanet with a net increase of 1,000 BTC.

I have two important updates to share with you today as we continue to build Metaplanet into a global financial platform rooted in Bitcoin.

From the beginning, our strategy was never simply to accumulate Bitcoin. Our objective has been to build the leading Bitcoin financial… pic.twitter.com/SGgLSctFCs

— Simon Gerovich (@gerovich) October 5, 2026

Metaplanet Uses BTC Sale to Demonstrate Liquidity

Metaplanet sold 10,000 BTC at an average price of ¥12.47 million per Bitcoin, generating about ¥124.7 billion in proceeds. It later purchased 11,000 BTC at an average price of roughly ¥13.63 million, spending about ¥149.9 billion.

The sale served a specific purpose. Metaplanet wanted to show credit investors and rating agencies that it could convert its Bitcoin reserves into cash when needed. The company said the cash generated from the sale exceeded its relevant outstanding debt obligations. Its bonds, borrowings and preferred shares, less cash, cash equivalents and U.S. dollar-denominated stablecoins, stood at about ¥122.37 billion as of September 30.

Gerovich described the move as a practical test of the company’s balance sheet rather than a change in its long-term Bitcoin strategy.

He noted:

“We converted Bitcoin into cash, exceeding the total outstanding principal of our bonds, borrowings and other interest-bearing debt. We held that cash, then bought back more Bitcoin than we sold.”

Metaplanet ended the quarter with 44,000 BTC and an aggregate cost basis of about ¥684.45 billion. Its average purchase price across the total holdings was about ¥15.56 million per BTC. The company also reported an 11.3% BTC Yield for the third quarter. Metaplanet uses this metric to track growth in Bitcoin holdings per fully diluted share.

New Net Interest Income Strategy Targets Recurring Revenue

Alongside the Bitcoin transaction, Metaplanet introduced its Net Interest Income Strategy. The company plans to raise capital through sources such as perpetual preferred stock, corporate bonds called BitBonds, and a Bitcoin-collateralized credit facility. It then plans to invest part of that capital in income-generating assets. Metaplanet will seek to earn a positive spread between the yield on those assets and its funding costs. That difference is known as the net interest margin.

*Notice Regarding Introduction of the Net Interest Income Strategy* pic.twitter.com/lqSiaaKxaf

— Metaplanet Inc. (@Metaplanet) October 5, 2026

Under its revised capital allocation policy, Bitcoin will remain Metaplanet’s main treasury asset and is expected to represent about 85% to 90% of total assets. Meanwhile, the company plans to allocate roughly 10% to 15% to strategic investments. These could include acquisitions, asset management activities and income-producing securities, including preferred securities issued by Bitcoin treasury companies.

*Notice Regarding Further Revision of Capital Allocation Policy* pic.twitter.com/grhkMAlLUC

— Metaplanet Inc. (@Metaplanet) October 5, 2026

The company expects recurring income from the strategy to help cover preferred dividends and bond interest. It could also support future Bitcoin purchases. In addition, Metaplanet wants the strategy to strengthen its credit profile and expand its financing options over time.

Bitcoin Income Business Records Eighth Straight Revenue Quarter

Metaplanet’s existing Bitcoin Income Generation business also continued generating operating revenue during the quarter. The unit uses Bitcoin options and related strategies to produce revenue while supporting the company’s broader treasury operations. The business generated ¥848.4 million in operating revenue during Q3. Revenue for the first nine months of this year reached ¥5.565 billion. Metaplanet has now recorded revenue from the business for eight consecutive quarters.

Meanwhile, the Bitcoin sale created a capital loss for U.S. tax purposes because the sold coins had been acquired at higher prices. Metaplanet estimates that the loss could support a deferred tax asset of about $97 million. However, the estimate remains preliminary and still requires auditor review.

Metaplanet has now adopted a financial strategy that incorporates the accumulation of Bitcoin, earning recurring income, raising capital in the capital market, and making strategic investments. However, its ultimate goal still involves increasing the number of Bitcoins in terms of shares.