Metaplanet sold 10,000 bitcoin during the third quarter and separately bought back 11,000, ending Sept. 30 with 44,000 BTC, according to News.bitcoin. The Tokyo-listed treasury company said the round trip was intended to show creditors that its bitcoin can be turned into cash when obligations come due.
The sale brought in $789.5 million (¥124.7 billion), more than the full principal of its bonds, borrowings and other interest-bearing liabilities after adjusting for cash and dollar stablecoins. Metaplanet did not repay those debts, which remain outstanding on their original terms.
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Key facts
- Metaplanet sold 10,000 BTC for $789.5 million (¥124.7 billion) and later bought 11,000 BTC for $949 million (¥149.9 billion), for a net gain of 1,000 BTC and holdings of 44,000 BTC as of Sept. 30.
- Selling at ¥12.47 million per BTC and repurchasing near ¥13.63 million — roughly 9% higher — meant the net 1,000 BTC cost ¥25.2 billion, according to Decrypt.
- Liabilities net of cash and dollar stablecoins stood at ¥122.4 billion at quarter end, below the ¥124.7 billion in sale proceeds (Decrypt).
- Metaplanet preliminarily estimates a deferred tax asset of about $97 million from a U.S. capital loss; the figure is unaudited and may not be recognized.
- The company revised its capital-allocation framework to target bitcoin at roughly 85% to 90% of total assets, with bitcoin-related borrowings generally below 10% of BTC net asset value.
What the round trip was meant to show
Chief executive Simon Gerovich framed the transactions as an answer to a question rating agencies and credit investors put to bitcoin-holding companies. “Rating agencies and credit investors ask one question of a Bitcoin company: can that Bitcoin be turned into cash to meet obligations, and will it be?” he wrote, adding: “We answered by doing it.”
He also said the strategy “was never simply to accumulate Bitcoin,” describing the goal as building a leading bitcoin financial institution by expanding reserves, operating businesses, access to capital and credit infrastructure.
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Decrypt reported that Metaplanet cited “a previously published issuer credit rating of an overseas peer company” as precedent without naming it, and that S&P assigned Strategy a B- issuer credit rating in October 2025, the first for a bitcoin treasury company. Strategy has since approved a Digital Credit Capital Framework in June permitting sales of up to $1.25 billion to fund its cash reserve, dividends and buybacks, and had sold 6,948 BTC for about $432.5 million by August. Its chair, Michael Saylor, has recast his position as never being “a net seller” of bitcoin rather than never selling, and the firm has resumed purchases, surpassing its previous record holdings late last month. The intent differs: Strategy sold to meet obligations, while Metaplanet sold to prove it could, held the cash, then bought back more than it had sold.
Metaplanet’s expansion is slowing. Decrypt reported the third quarter’s net addition was roughly a third of the 2,823 BTC added in the second quarter. The company has grown from 30,823 BTC in October 2025 to 44,000 BTC by the end of September, News.bitcoin reported.
Why it matters
Corporate bitcoin treasuries have faced a recurring question from lenders and rating agencies about whether holdings are truly liquid or only valuable on paper. By completing a real sale rather than asserting the capability, Metaplanet is trying to widen its access to bonds and preferred shares and to improve terms on future financing. How credit markets weigh that demonstration will shape what other listed treasury companies can borrow against their bitcoin.
What to watch
Metaplanet says it now intends to pursue a credit rating, and it has introduced a Net Interest Income Strategy aimed at earning a spread between funding costs and returns from income-generating investments. The company points to a pending Superplanet transaction and the build-out of Metaplanet Securities as part of the same push. It also says its Bitcoin Income Generation business has booked revenue for eight consecutive quarters.
Reported by news.bitcoin.com.
Sources: Bitcoin.com News, Decrypt