Metaplanet lifts Bitcoin treasury to 44,000 coins after Q3 sale-repurchase cycle
Macro & Markets ·
The Tokyo-listed firm closed the quarter with a net addition of 1,000 BTC, bringing its total reserve to 44,000 coins following a round of selling and rebuying.
Metaplanet's third-quarter activity involved offloading a portion of its existing Bitcoin position before buying back in, a maneuver that left the company with 1,000 more coins than it started with despite the interim sale. The resulting 44,000 BTC total keeps the firm among the largest publicly traded corporate holders of the asset, continuing a buildup that began from a far smaller base earlier in its transformation into a Bitcoin-focused balance-sheet vehicle. The sale-and-repurchase structure suggests active portfolio management around the position rather than a simple linear accumulation pattern.
Separate disclosures tied to the same holdings figure point to a broader shift in how Metaplanet intends to deploy its capital going forward. The company has outlined plans to direct as much as 90% of its assets toward Bitcoin, with the remaining 10–15% set aside for other strategic investments, according to coverage from wublockchain.xyz. That allocation target sits alongside the introduction of a Net Interest Income Strategy, a mechanism intended to generate funding that can be redirected into further coin purchases.
Other reporting within the same cluster places the allocation range slightly differently, citing figures of 85% to 90% devoted to Bitcoin rather than a flat 90% ceiling, while still anchoring the holdings number at 44,000 BTC. The overlap across these accounts, even where percentage ranges diverge, points to consistent underlying confirmation that Metaplanet's treasury has crossed the 44,000-coin threshold this quarter.
The net addition follows a trajectory in which Metaplanet's coin count has expanded rapidly over a short span, moving from a small initial position to tens of thousands of BTC through a capital structure built on bonds, private placements, and related instruments. The Q3 sale-repurchase cycle adds a new wrinkle to that pattern, raising questions about the rationale behind temporarily reducing exposure before re-entering at scale.
What remains unclear is the precise timing and pricing of the sale and repurchase legs, as well as how the newly stated Net Interest Income Strategy will be funded and whether it will become a recurring tool for future accumulation. Also unresolved is how the two slightly different allocation ranges circulating in the cluster will be reconciled in subsequent company disclosures.