Metaplanet Becomes World’s Second-Largest Public Bitcoin Treasury With 44,000 BTC

The notable detail here is the mechanics, not the ranking: Metaplanet funded debt retirement by selling bitcoin, then bought back more, so the treasury grew while leverage fell. That combination — a larger stack alongside a lower debt load — is the harder trick for listed treasury companies, and the new net interest income strategy suggests an attempt to stop relying solely on issuance and appreciation to carry the model. Whether that recurring-revenue push actually lowers the cost of capital, and whether the sell-then-rebuy pattern becomes routine, is the open question.