Metaplanet Sells 10,000 Bitcoin, Buys 11,000 Back to Prove Liquidity

Metaplanet Ends Q3 With 44,000 BTC After Liquidity Test

Metaplanet has answered a question hanging over corporate bitcoin treasuries: what happens when creditors want proof that the crypto on the balance sheet can actually be monetized?

The Japanese company sold 10,000 BTC during the third quarter, temporarily holding the proceeds as cash. It then separately purchased 11,000 BTC, leaving its holdings 1,000 BTC higher at 44,000 BTC as of Sept. 30.

The sale was not a retreat from bitcoin. Metaplanet said it was effectively a liquidity demonstration aimed at strengthening its credit profile and widening future access to bonds, preferred shares and other financing.

A Bitcoin Liquidity Test for Creditors

Metaplanet sold the 10,000 BTC for $789.5 million (¥124.7 billion), an amount exceeding its outstanding bonds, borrowings and other interest-bearing liabilities after adjusting for cash and dollar stablecoins.

The point was to show credit investors that bitcoin is not merely valuable on paper. Metaplanet is willing and able to turn the asset into cash if obligations require it. The liabilities themselves were not repaid and remain outstanding.

The company later bought 11,000 BTC for $949 million (¥149.9 billion) as bitcoin’s price rose between the transactions.

The sale also generated a U.S. tax capital loss. Metaplanet preliminarily estimates that its subsidiaries could recognize a deferred tax asset of about $97 million, though auditors have not confirmed whether it can be recognized.

Bitcoin Will Still Dominate Metaplanet’s Balance Sheet

Alongside the transactions, Metaplanet revised its capital-allocation framework.

Bitcoin is targeted at roughly 85% to 90% of total assets, while 10% to 15% can go toward strategic investments, including M&A, income-producing securities and asset-management activities.

Bitcoin-related borrowings will generally be kept below 10% of BTC net asset value. Common-stock issuance will also be used selectively and, as a general rule, only when Metaplanet’s mNAV is above 1.0x and management believes issuance benefits existing shareholders.

Metaplanet Wants Cash Flow to Buy More Bitcoin

The larger strategy is becoming more sophisticated than simply issuing securities and purchasing BTC.

Metaplanet CEO Simon Gerovich said the company’s goal goes beyond simply accumulating bitcoin. “From the beginning, our strategy was never simply to accumulate bitcoin,” he said, adding that Metaplanet aims to become a leading bitcoin financial institution by expanding its reserves, operating businesses, access to capital, and credit infrastructure.

Metaplanet is also introducing a Net Interest Income Strategy, seeking to earn a spread between its funding costs and returns from income-generating investments. That recurring cash flow is intended to improve credit quality, increase financing capacity, and ultimately finance additional bitcoin purchases.

Metaplanet has grown from 30,823 BTC in October 2025 to 44,000 BTC by the end of September. Metaplanet simply sold bitcoin to prove its treasury is liquid, bought even more back, and is now redesigning its balance sheet around the goal of accumulating more.