Metaplanet sold 10,000 BTC, repurchased 11,000, Q3 end 44,000

Metaplanet, a Tokyo-listed company, sold 10,000 Bitcoin in the third quarter to convert part of its reserves into cash and strengthen its credit profile. The firm later repurchased 11,000 BTC at higher prices and reported a Sept. 30 balance of 44,000 BTC, a net increase of 1,000 for the quarter.

The company disclosed the sale averaged ¥12.47 million per coin, generating ¥124.7 billion, and the later purchases averaged ¥13.63 million per coin, costing ¥149.9 billion. The difference in prices implies an adverse price gap of about ¥11.57 billion on the 10,000 coins that would have been needed to restore the initial holding at the earlier price.

Metaplanet executed the transactions separately-first selling and holding cash, then repurchasing-to show its Bitcoin reserves can be monetized rather than relied on only for market liquidity. The cash raised from the sale exceeded the outstanding principal on the company’s bonds, borrowings and other interest-bearing debt, the company reported.

The firm plans to seek a credit rating and use improved financing access to support a Net Interest Income Strategy. That strategy would raise capital through instruments including perpetual preferred stock, corporate bonds known as BitBonds and Bitcoin-collateralized credit facilities, then deploy the proceeds into assets with yields above its all-in financing costs and retain the spread as recurring income.

Metaplanet intends to allocate about 10% to 15% of total assets to the strategic investment portfolio and keep roughly 85% to 90% of assets in Bitcoin. Preferred securities issued by Bitcoin treasury companies are expected to be principal targets for the strategy. Management described a plan to borrow at one cost, invest at higher yield and recycle cash flow into debt service, preferred dividends and additional Bitcoin purchases.

The Q3 sale also produced a potential U.S. tax benefit. Subsidiaries of Metaplanet’s U.S. holding company could recognize a deferred tax asset of about $97 million from a capital-loss carryforward, but the company cautioned the estimate is preliminary, subject to closing procedures and auditor review and may be reduced or not recognized.

Metaplanet said it will manage credit, issuer concentration, currency and leverage risks within limits approved by its board. Its revised capital policy separates borrowings used to acquire Bitcoin from leverage for strategic investments. Bitcoin-related borrowings are generally targeted below about 10% of BTC net asset value, while financing for the strategic investment portfolio will be overseen under a separate asset-liability framework.

The company highlighted that yen-denominated financing typically carries lower interest rates than dollar funding and noted Metaplanet Securities provides direct distribution to Japanese investors seeking Bitcoin-linked yield products. A pending investment in Super League Enterprise could expand access to U.S. capital markets, but that transaction has not closed and remains subject to regulatory approvals and shareholder votes.

Metaplanet cautioned the Net Interest Income Strategy is expected to have an immaterial effect on 2026 consolidated results. The next test will be whether creditors grant a credit rating and offer lower-cost funding; the company has no assurance it will receive a rating, what level it would receive, or whether it can issue bonds and preferred shares on desired terms.