Metaplanet Sold 10,000 Bitcoin and Bought Back More at a Higher Price: Why?

After selling 10,000 Bitcoin in the third quarter to strengthen its liquidity and credit profile, Metaplanet bought 11,000 BTC at a higher average price, increasing its total holdings to 44,000 BTC.

According to data reported by CoinDesk, the Japanese Bitcoin treasury company sold 10,000 BTC for approximately $789.2 million, at an average price of $78,925 per Bitcoin. It then bought 11,000 BTC for $948.7 million, this time at an average price of $86,246.

As a result of these transactions, the company’s Bitcoin holdings increased by a net 1,000 BTC in the third quarter. The value of the 44,000 BTC held by Metaplanet as of September 30 was reported at approximately $3.8 billion.

Why did it sell Bitcoin and buy it back at a higher price?

By temporarily holding the proceeds from the sale in cash, Metaplanet aimed to demonstrate that it had enough liquidity to meet its interest-bearing debt obligations. The company did not use the money to pay off those debts; it later resumed buying Bitcoin.

Therefore, the transaction focused on demonstrating the company’s cash capacity and strengthening its credit profile, rather than profiting from the price difference. Although the buyback took place at a higher average price, the amount of BTC purchased exceeded the amount sold.

What is the average cost of its 44,000 Bitcoin?

The company’s total Bitcoin holdings cost approximately $4.33 billion, with an average cost of $98,454 per BTC. CEO Simon Gerovich said the company’s goal was to build Asia’s leading Bitcoin financial company.

On the same day, Metaplanet also announced a new capital allocation plan aimed at allocating 10–15% of its assets to income-generating investments. The income from these investments is intended to cover financing costs and support new Bitcoin purchases.