Metaplanet Shares Climb After Q3 Bitcoin Holdings Reach 44,000 BTC

Metaplanet shares rose after the Tokyo-listed Japanese Bitcoin treasury company reported it ended the third quarter with 44,000 BTC. The stock gained 2.06% to $1.87 on Monday. Metaplanet said it added a net 1,000 BTC during Q3, bringing total holdings to 44,000 BTC as of September 30. At current Bitcoin prices, the company's treasury is valued at roughly $3.8 billion. The Q3 update also outlined an uncommon balance-sheet stress test. Metaplanet sold 10,000 BTC, held the cash, then repurchased 11,000 BTC at a higher price. Management said the move demonstrated liquidity and could help support a stronger credit profile. Metaplanet disclosed it sold the 10,000 BTC for about $789.2 million at an average price of $78,925 per coin. It later bought 11,000 BTC for roughly $948.7 million, averaging $86,246 per coin. The higher repurchase price reflected Bitcoin's rally during the period. The company did not disclose the transaction dates. While the sale temporarily reduced the reserve, it offered a real-world signal for potential lenders: a Bitcoin-heavy balance sheet can be converted into cash in stressed markets, not only in bull runs. Investors are likely to weigh that flexibility against the cost of buying back coins at higher prices. Metaplanet said proceeds from the sale exceeded the principal on its bonds, borrowings, and other interest-bearing obligations. The firm kept those liabilities outstanding and then rebuilt its Bitcoin position, describing the sequence as proof of its willingness and ability to sell Bitcoin if needed. Management suggested improved credit access could broaden funding options such as bonds and preferred shares, potentially lowering the cost of capital as the treasury expands. The company also said it plans to allocate 10% to 15% of assets to strategic investments aimed at generating recurring returns above funding costs. The approach pairs a hard-asset reserve with income-producing securities and could reduce reliance on repeated equity issuance to finance incremental Bitcoin purchases. The strategy also adds execution risk if returns fail to outpace funding costs. Bitcoin traded near $86,000 on Monday and remained below resistance around $87,000 to $87,570. Markets are also monitoring Federal Reserve minutes and Wednesday's U.S. 10-year Treasury auction. Rising yields could curb risk appetite, while expectations for softer policy could support Bitcoin demand. The next move in Bitcoin is expected to influence the mark-to-market value of Metaplanet's holdings. Technically, Metaplanet's OTC line is tracking between $1.70 support and $2.10 resistance based on the latest session range. Volume was 1.01 million shares, slightly below the 1.04 million average, leaving the rebound without strong volume confirmation. A close above $2.10 could strengthen near-term momentum, particularly if Bitcoin clears $87,570. A break below $1.70 would bring the $1.20 52-week low back into focus. The stock remains well below its $4.36 yearly high, keeping the broader trend corrective. Metaplanet said third-quarter revenue from its Bitcoin Income Generation business was about $5.4 million, down 51% from Q2 and 65% from a year earlier. The company's new net interest income strategy will be watched for signs of improving earnings contribution. This content is for informational purposes only and does not constitute financial or investment advice. Bitcoin treasury values, stock prices, and technical levels can change as market conditions evolve.