Metaplanet sold 10,000 Bitcoin and later repurchased 11,000 during the third quarter, turning a potentially alarming disposal into a net addition to its holdings. The Tokyo-listed Bitcoin treasury company said the transaction was designed to show credit-rating agencies and bond investors that it could convert its cryptocurrency into cash when required—and would do so if its obligations came due.
The round trip left Metaplanet with 44,000 BTC as of September 30, according to BitcoinTreasuries. The company disclosed the transaction as it prepares to pursue a credit rating and continues developing businesses intended to make it more than a vehicle for accumulating Bitcoin.
A transaction aimed at creditors
Metaplanet sold Bitcoin worth more than the full principal of its bonds, borrowings and other interest-bearing liabilities. Instead of using the proceeds to repay those debts, it retained the money as cash while the liabilities remained outstanding on their original terms.
At the end of the quarter, the company’s liabilities after accounting for cash and U.S. dollar stablecoins stood at ¥122.4 billion. The Bitcoin sale generated ¥124.7 billion, meaning the proceeds exceeded that net liability figure.
The company’s reasoning was that Bitcoin’s market liquidity alone may not be enough for creditors. Rating agencies and bond investors also need to assess whether a company holding Bitcoin is prepared to sell it when payments are due. Metaplanet chose to demonstrate that willingness through an actual sale rather than simply state it.
Chief executive Simon Gerovich said the transaction answered the question of whether the company’s Bitcoin could and would be converted into cash to meet obligations. According to Decrypt, Metaplanet linked its approach to an earlier credit-rating precedent involving an unnamed overseas peer.
The filing referred to concerns that an issuer’s Bitcoin may receive limited credit in an assessment if the issuer is unwilling or reluctant to sell it. S&P gave Strategy a B- issuer credit rating in October 2025, the first such rating for a Bitcoin treasury company, and cited limited dollar liquidity among its concerns. It also warned that a downturn could pressure the company to sell Bitcoin at depressed prices.
The cost of proving the point
The demonstration came at a significant trading cost. Metaplanet sold the 10,000 BTC at an average price of ¥12.47 million per coin and bought back 11,000 BTC at an average of ¥13.63 million. The repurchase price was approximately 9% higher than the sale price.
The company said the additional 1,000 BTC cost ¥25.2 billion. Despite the higher repurchase price, the result was a larger Bitcoin balance: holdings increased from the level before the transaction to 44,000 BTC at quarter end.
The disposal also created a U.S. capital loss because the coins sold had been acquired at prices above the sale price. Metaplanet estimates that this could support a deferred tax asset of approximately $97 million at subsidiaries of its U.S. holding company. That estimate is preliminary and unaudited, and the company cautioned that the asset may not ultimately be recognized.
Metaplanet carries Bitcoin at fair value, so the capital loss does not create a new accounting loss, according to the company’s explanation.
A broader financial strategy
Metaplanet’s stated goal extends beyond increasing its Bitcoin balance. Gerovich said the group’s Bitcoin Income Generation business had recorded revenue for eight consecutive quarters. He also described the company as the world’s second-largest listed Bitcoin treasury company.
The company plans to seek a credit rating and has announced a Net Interest Income Strategy intended to create recurring revenue and reduce its effective cost of capital. That initiative is being developed alongside a pending Superplanet transaction and the expansion of Metaplanet Securities.
The approach differs from Strategy’s more recent use of Bitcoin sales. Strategy approved a Digital Credit Capital Framework in June allowing sales of up to $1.25 billion to support its cash reserve, dividends and share buybacks. It had sold 6,948 BTC for approximately $432.5 million by August, while its chair, Michael Saylor, has described the company as never being a “net seller” rather than never selling Bitcoin.
Metaplanet, by contrast, sold Bitcoin primarily to establish that it could access cash, kept the cash, and then bought back more coins than it had sold. The company’s third-quarter net increase was nevertheless much slower than earlier accumulation: it added 2,823 BTC in the second quarter, while the third-quarter increase was 1,000 BTC.
Current crypto market picture
Moneyiar market data at 10:39 a.m. on October 7, 2026, showed Bitcoin at $83,675.73, down 2.70% over 24 hours and 0.19% over seven days. Solana was $117.66, down 1.99% in 24 hours and 1.78% over seven days.
Monad traded at $0.02668, with a 24-hour decline of 6.77% and a seven-day decline of 3.57%. Compound stood at $23.38, down 4.30% over 24 hours and 7.73% over seven days. These figures provide the market context for a company whose balance sheet and financing strategy remain closely tied to Bitcoin’s price and liquidity.
