- Metaplanet sold 10,000 BTC and repurchased 11,000 BTC, increasing its net holdings by 1,000 coins during the third quarter.
- The company now holds 44,000 BTC, making it the world’s second-largest corporate Bitcoin treasury behind Strategy.
- Strategy bought another 334 BTC for US$29 million, taking its total holdings to 848,000 BTC.
- US spot Bitcoin ETFs opened the week with US$89.8 million in net outflows, despite BlackRock’s IBIT attracting US$69.9 million.
Metaplanet increased its net Bitcoin holdings by 1,000 coins during the third quarter. Founder and CEO Simon Gerovich posted on X that the company sold 10,000 BTC and then bought back 11,000 BTC. The sale generated ¥124.7 billion (US$760 million or AU$1.1 billion), while the repurchase cost ¥149.9 billion (US$900 million or AU$1.3 billion).
Gerovich said Metaplanet is rolling out a net interest income strategy to generate recurring revenue and bring down its effective cost of capital as it moves into its next growth phase.
He said the company also wanted to prove to lenders and rating agencies that its Bitcoin could be converted into cash if needed. “We answered by doing it,” Gerovich said.
Metaplanet sold enough Bitcoin to raise more cash than the principal value of its outstanding bonds, borrowings and other interest-bearing debt, held the funds, and later bought back more Bitcoin than it had sold.
Metaplanet now holds 44,000 BTC, making it the world’s second-largest Bitcoin treasury company behind Strategy. The move puts Twenty One Capital back in third place with 43,514 coins.
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Strategy Strikes Again, ETFs Bleed
And, no doubt, Michael Saylor also delivered. The founder and chairman of Strategy (formerly MicroStrategy) announced the purchase of 334 BTC, bringing the company’s total holdings to 848,000 BTC.
The average price per coin was US$85,839 (AU$123,164), with a total acquisition cost of US$29 million (AU$41.6 million).
Strategy also gained US$21 billion (AU$30 billion) on its digital asset holdings in the third quarter, Saylor said. The company also repurchased US$176 million (AU$252.5 million) worth of STRC.
At the time of writing, Bitcoin is trading at US$85,298 (AU$122,402), down 0.6% on the daily chart.
Meanwhile, US spot Bitcoin ETFs started the week in the red, with combined net outflows of US$89.8 million (AU$128.8 million). However, the outflows were concentrated in two funds: Fidelity’s FBTC saw US$74.5 million (AU$106.95 million) in net outflows, while ARK Invest’s ARKB saw US$85.2 million (AU$122.33 million).
BlackRock’s IBIT partly offset those losses, pulling in US$69.9 million (AU$100.36 million) in net inflows during Monday’s trading session.
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