Metaplanet sells 10,000 BTC and buys back 11,000

What happened

Metaplanet sold 10,000 BTC during the third quarter and later bought 11,000 BTC. The Tokyo-listed treasury company disclosed the round trip, saying it was staged to show credit rating agencies that it is able and willing to turn its Bitcoin into cash.

The net effect was an increase of 1,000 BTC, taking the company's holdings to 44,000 BTC as of September 30.

The sale raised $789.5 million, or ¥124.7 billion, and Metaplanet held the proceeds in cash. Liabilities net of cash and dollar stablecoins stood at ¥122.4 billion at quarter end. The debts were not repaid and remain outstanding on their original terms.

The buyback cost $949 million, or ¥149.9 billion, as bitcoin's price rose between the two transactions. Metaplanet sold at an average of ¥12.47 million per BTC and bought back at ¥13.63 million, roughly 9% higher, so the net 1,000 BTC cost ¥25.2 billion.

Why it matters

Chief executive Simon Gerovich said on X that 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 that Metaplanet answered by doing it.

Metaplanet called the sale a liquidity demonstration meant to strengthen its credit profile and widen future access to bonds, preferred shares and other financing.

The filing cites a previously published issuer credit rating of an overseas peer company as precedent. S&P assigned Strategy a B- issuer credit rating in October 2025, the first awarded to a Bitcoin treasury company, citing low dollar liquidity among its concerns.

The intent differed from Strategy's, which sells bitcoin to meet obligations. Strategy approved a Digital Credit Capital Framework in June permitting sales of up to $1.25 billion, and had sold 6,948 BTC for about $432.5 million by August. Metaplanet sold to prove it could, held the cash, then bought back more than it had sold.

Metaplanet is also introducing a Net Interest Income Strategy, seeking a spread between its funding costs and returns from income-generating investments. Gerovich said the strategy was never simply to accumulate bitcoin, and that the company aims to become a leading bitcoin financial institution.

What the data shows

• Bitcoin is targeted at roughly 85% to 90% of total assets, with 10% to 15% for strategic investments including M&A.
• Bitcoin-related borrowings will generally be kept below 10% of BTC net asset value.
• Common-stock issuance is generally used only when Metaplanet's mNAV is above 1.0x.
• Metaplanet has grown from 30,823 BTC in October 2025 to 44,000 BTC by the end of September.
• The company estimates a deferred tax asset of about $97 million at subsidiaries of its U.S. holding company.
• Bitcoin closed September at $83,563.

What is still unclear

• The deferred tax asset figure is preliminary and unaudited, and may not be recognized at all.
• Auditors have not confirmed whether the deferred tax asset can be recognized.
• Metaplanet did not name the overseas peer company whose credit rating it cites as precedent.

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