Metaplanet sells and repurchases bitcoin to demonstrate liquidity for credit rating
Metaplanet sold 10,000 BTC and repurchased 11,000 BTC in the third quarter to prove to credit rating agencies that it can liquidate reserves to cover debt, expanding its total balance to 44,000 BTC.
Tokyo-listed Metaplanet executed a strategic round-trip trade during the third quarter of 2026, selling 10,000 bitcoin for ¥124.7 billion ($790 million) before buying back 11,000 bitcoin for ¥149.9 billion ($950 million). The transactions resulted in a net gain of 1,000 BTC, bringing the company's total holdings to 44,000 BTC as of September 30. CEO Simon Gerovich stated that the sale was conducted to answer questions from rating agencies about whether the company would actually monetize bitcoin to satisfy liabilities, remarking, "We answered by doing it."[1][2][4][5][6]
According to corporate disclosures reported by Unchained and CryptoSlate, the ¥124.7 billion in proceeds exceeded the principal on all of Metaplanet's interest-bearing debt, including bonds and loans. However, the debt was not retired; Metaplanet held the proceeds in cash before repurchasing bitcoin in a separate transaction. Because the price of bitcoin increased between trades, Metaplanet sold at an average of ¥12,470,098 per coin and rebought at ¥13,626,928—a roughly 9% increase that created an adverse price differential of about ¥11.57 billion to replace the sold coins. The company also generated a U.S. tax capital loss, which it estimated could lead to a deferred tax asset of around $97 million at its U.S. holding company subsidiaries, pending auditor confirmation.[2][3][5]
Alongside the trades, Metaplanet revised its capital allocation framework to target 85% to 90% of total assets in bitcoin, earmarking the remaining 10% to 15% for income-generating assets, M&A, and an asset management arm. Under a new "Net Interest Income Strategy," the company plans to fund purchases of higher-yielding preferred securities from peer bitcoin treasury companies using corporate bonds, preferred equity, and bitcoin-backed borrowing. Metaplanet cautioned that obtaining a credit rating remains subject to review and is not guaranteed.[2][5][7]
Key facts
- Metaplanet sold 10,000 BTC for ¥124.7 billion and bought back 11,000 BTC for ¥149.9 billion during Q3 2026, increasing total holdings to 44,000 BTC.
- The transactions were conducted separately rather than simultaneously to prove to credit rating agencies and lenders that Metaplanet can liquidate its reserves for cash.
- Sale proceeds exceeded Metaplanet's interest-bearing debt principal, but Metaplanet held the cash and did not pay down the debt before repurchasing.
- Metaplanet sold at an average price of ¥12,470,098 and bought back at ¥13,626,928, yielding an adverse price difference of roughly ¥11.57 billion on replacing the initial 10,000 BTC.
- The sale created a U.S. capital loss that Metaplanet estimates could yield a deferred tax asset of about $97 million, which is unconfirmed by its auditor.
- Metaplanet updated its asset allocation policy to target 85% to 90% in bitcoin and 10% to 15% in strategic and income-generating investments.
- The company launched a Net Interest Income Strategy to deploy financing from bonds, preferred stock, and bitcoin-backed facilities into higher-yielding preferred securities of peer bitcoin treasuries.
Sources · 7 sources
- TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Metaplanet sold 10,000 BTC for ¥124.7 billion ($790 million) and bought 11,000 BTC for ¥149.9 billion ($950 million) during Q3, bringing its total holdings to 44,000 BTC after a 1,000 BTC net gain. The company said the sale was designed to demonstrate bitcoin:native liquidity as it seeks a credit rating and broader access to financing.
Open source - UN
UnchainedArticle ·
Metaplanet Sells and Rebuys Its Bitcoin in a Bid for a Credit Rating Tokyo-listed Metaplanet cashed out 10,000 BTC in the July-to-September quarter and later rebought 11,000 , the bitcoin treasury company disclosed on Oct. 5, calling the round trip a way to show credit rating agencies and bond investors that it can turn its bitcoin into cash. The net gain of 1,000 BTC left the group holding 44,000 BTC as of Sept. 30. The sale raised ¥124.7 billion (about $793 million at Sept. 30 exchange rates), which Metaplanet said more than covered the principal on all of its interest-bearing debt, including bonds and loans. That debt was not repaid, and Metaplanet held the cash before buying again in a separate transaction. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Why Sell at All Metaplanet pointed to a published credit rating of an unnamed overseas peer, which, in Metaplanet’s telling, indicated that “if the issuer has a policy of not selling bitcoin or has shown reluctance to sell it, that bitcoin may not be treated as a sufficiently liquid asset for credit assessment purposes.” The company now plans to seek a credit rating of its own. The filing said the sale “does not represent a change in the Company’s bitcoin holding policy or its long-term bitcoin strategy.” It also said that strategy “does not mean that it will only ever buy bitcoin and will never sell it under any circumstances.” Metaplanet sold at an average of ¥12,470,098 a coin and bought back at ¥13,626,928 , roughly 9% higher, which it attributed to bitcoin’s rise between the trades. It called the trade figures preliminary and unaudited. Because the coins sold had been acquired above the sale price, the sale produced a U.S. tax capital loss, and Metaplanet estimated it may be able to recognize a deferred tax asset of about $97 million at subsidiaries of its U.S. holding company. That estimate has not been confirmed by its auditor, and the company said the asset may not be recognized at all. Options Revenue Slides In a separate filing , Metaplanet reported ¥848 million in third-quarter revenue from its bitcoin options business, down from ¥1.75 billion in the second quarter and a peak of ¥4.24 billion in the fourth quarter of 2025. Its full-year forecast had assumed progress in fundraising, growth in its bitcoin holdings and a larger options business. “Progress to date has fallen short of the Company’s initial expectations,” it said, though it left the forecast unchanged. The company also revised its capital allocation policy to keep bitcoin at roughly 85% to 90% of total assets, with a guideline of 10% to 15% for acquisitions, income-producing investments and a planned asset management business. Under a new “Net Interest Income Strategy” announced the same day, it plans to use money from bonds, preferred stock and its bitcoin-backed credit facility to buy income-producing assets, mainly preferred securities from other bitcoin treasury companies, and keep the gap between their yield and its own cost of capital. Metaplanet climbed to third among corporate bitcoin holders in April, when it reported 40,177 BTC. Its options business, whose trades have included selling covered calls on its holdings, has now recorded revenue for eight straight quarters. Related Listen: How Digital Credit Assets like STRC and SATA Differ from Bitcoin or DAT Stocks The post Metaplanet Sells and Rebuys Its Bitcoin in a Bid for a Credit Rating appeared first on Unchained .
Open source - CR
CryptoSlate@CryptoSlatePost on X ·
Metaplanet says it sold 10,000 $BTC to show its reserves could cover debt principal in cash, then bought 11,000 at higher per-coin prices. Preliminary figures imply a ¥11.57B price gap on replacing the original 10,000. A credit rating is not assured. https://t.co/1r9QpwUWuj
Open source - BM
Bitcoin Magazine@BitcoinMagazinePost on X ·
JUST IN: 🇯🇵 Japan's Metaplanet announces a net increase of 1,000 Bitcoin worth $86 million in Q3 🚀 They just became the 2nd-largest corporate BTC holder on Earth 👏 https://t.co/ZjSBkRWdvc
Open source - CR
CryptoSlateArticle ·
Metaplanet sold 10,000 Bitcoin in a credit-rating bid, only to buy back 11,000 BTC at a higher price per coin Metaplanet sold 10,000 Bitcoin and later bought back 11,000 BTC to strengthen its credit profile and expand beyond accumulation during the third quarter. The Tokyo-listed company said it converted enough Bitcoin into cash during the third quarter to exceed the outstanding principal of its bonds, borrowings, and other interest-bearing debt. It subsequently rebuilt the position at a higher Bitcoin price, ending Sept. 30 with 44,000 BTC, up a net 1,000 for the quarter. The transaction forms part of a broader attempt to convince rating agencies and fixed-income investors that Metaplanet's Bitcoin reserves can be monetized when obligations come due. The company plans to seek a credit rating and use a stronger financing profile to support a new business that borrows through bonds, preferred stock and Bitcoin-backed facilities before investing in higher-yielding assets. The liquidity demonstration came at a price Bitcoin rose between Metaplanet's sale and repurchase, leaving the company paying substantially more to rebuild the position it had sold. According to the preliminary, unaudited figures in its statement , Metaplanet disposed of 10,000 BTC at an average price of ¥12.47 million per coin, generating ¥124.7 billion in proceeds. It later purchased 11,000 BTC at an average price of ¥13.63 million per coin, spending ¥149.9 billion. The roughly ¥1.16 million difference between the sale and repurchase prices implies an adverse price differential of about ¥11.57 billion on the 10,000 BTC needed to replace the original position. Metaplanet said the higher reacquisition price reflected Bitcoin's rise between the two transactions. The company said it conducted the transactions separately rather than as a simultaneous exchange. It first sold the Bitcoin, held the proceeds in cash, and only later repurchased the asset, a sequence intended to demonstrate that its reserves could actually be converted into cash rather than merely pointing to Bitcoin's market liquidity. That distinction is central to Metaplanet's push into credit markets . The company said rating agencies and fixed-income investors can discount Bitcoin's liquidity value if an issuer is unwilling to sell it when required. Metaplanet wants the Q3 transaction to show creditors that its long-term accumulation strategy does not prevent management from monetizing Bitcoin to meet financial obligations. The sale also produced a US capital-loss carryforward. Metaplanet estimates subsidiaries of its US holding company could recognize a deferred tax asset of about $97 million, potentially available to offset future capital gains. The estimate remains subject to closing procedures and auditor review, and the company said the asset may ultimately be smaller or not recognized at all. Metaplanet said the tax treatment could offset some or all of the effect of the gap between its sale and repurchase prices and transaction costs if it recognizes the deferred tax asset. Metaplanet wants to turn cheaper funding into recurring income The company plans to use any improvement in credit access for more than financing additional Bitcoin purchases. Its newly announced Net Interest Income Strategy plans to raise capital through instruments including perpetual preferred stock, corporate bonds known as BitBonds and Bitcoin-collateralized credit facilities. Metaplanet would deploy that money into assets carrying yields above its all-in financing costs, retaining the difference as net interest income. The company expects preferred securities issued by Bitcoin treasury companies and similar issuers to be among its principal investment targets. Those investments will sit inside a strategic allocation that Metaplanet expects to represent about 10% to 15% of total assets, with Bitcoin remaining about 85% to 90%. That would move Metaplanet closer to a financial intermediary inside the growing Bitcoin treasury market. Rather than relying predominantly on rising Bitcoin holdings and equity issuance, the company wants to raise money at one cost, invest it at a higher yield, and recycle the resulting cash flow into debt service, preferred dividends, and further Bitcoin purchases. Metaplanet sees Japan as one potential source of that funding advantage. It said yen-denominated financing generally carries lower interest rates than dollar funding, while Metaplanet Securities gives it direct distribution to Japanese investors seeking Bitcoin-linked yield products. The company also expects its pending investment in Super League Enterprise to expand its access to US capital markets, potentially allowing it to choose between jurisdictions, maturities and financing structures depending on market conditions. The transaction has not yet closed and remains subject to conditions including regulatory procedures and shareholder approval. Metaplanet's new income strategy keeps Bitcoin risk close Metaplanet's attempt to diversify its earnings base could still leave much of the balance sheet exposed to the same underlying asset. The company acknowledges that securities issued by Bitcoin treasury companies may move with Bitcoin, creating correlation between its core reserves and some investments intended to provide recurring income. Metaplanet said credit, issuer concentration, currency and leverage risks will be managed within limits approved by its board. Its revised capital policy also distinguishes between borrowing used to acquire Bitcoin and leverage used for strategic investments. Bitcoin-related borrowings are generally targeted below about 10% of BTC net asset value, while financing attached to the strategic investment portfolio will be managed separately under an asset-liability framework. Metaplanet expects the new net interest income strategy to have an immaterial effect on its 2026 consolidated results, leaving the credit-rating effort and future financing terms as the more immediate tests. The company has cautioned that it has no assurance it will receive a rating, what level it would receive, or whether it can issue future bonds and preferred shares on the terms it wants. The next phase will therefore depend on whether creditors reward Metaplanet for proving it is willing to sell Bitcoin when necessary. A lower cost of capital would give the company room to scale its spread strategy; without it, the economics of borrowing to buy yield-bearing Bitcoin-linked securities become considerably tighter. The post Metaplanet sold 10,000 Bitcoin in a credit-rating bid, only to buy back 11,000 BTC at a higher price per coin appeared first on CryptoSlate .
Open source - DE
DecryptArticle ·
Metaplanet Sold 10,000 Bitcoin and Bought Back 11,000 to Prove a Point Rating agencies ask if a Bitcoin company will actually sell when obligations fall due. "We answered by doing it," said CEO Simon Gerovich.
Open source - CO
CoinMarketCap@CoinMarketCapPost on X ·
LATEST: 💰 Metaplanet has revised its policy to hold Bitcoin at about 85%-90% of total assets, with 10%-15% going to strategic investments such as M&A and income-generating assets. https://t.co/xwkfbiIMnX
Open source