Metaplanet just pulled off one of the year’s most eye-catching Bitcoin treasury maneuvers.
The Japanese-listed company sold a staggering 10,000 BTC in the third quarter, then scooped up 11,000 BTC later, turning a seemingly massive Bitcoin sell-off into a strategic liquidity test. But this was not simply a bet on price—it was a calculated move to prove the Tokyo-listed treasury company can turn its vast Bitcoin holdings into cash when it matters most.
The sale and repurchase ultimately left Metaplanet with a net gain of 1,000 BTC, lifting its total holdings to 44,000 BTC as of September 30, according to BitcoinTreasuries.
Metaplanet’s Bitcoin Holdings Hit 44,000 BTC After Q3 Liquidity Play
Metaplanet offloaded 10,000 BTC before purchasing 11,000 BTC later in the third quarter as part of a strategy to “demonstrate liquidity.”
“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?” CEO Simon Gerovich said in an X post. “We answered by doing it.”
The filing explains that Bitcoin’s liquidity alone is not enough to satisfy rating agencies and bond investors. What ultimately matters is whether Metaplanet can sell its holdings and is willing to do so when its financial obligations come due. Instead of simply making that case, the company chose to prove it through an actual transaction.
Metaplanet sold enough Bitcoin to cover more than the full principal value of its outstanding bonds, borrowings and other interest-bearing debt, while keeping the sale proceeds in cash. The company did not use the funds to repay those obligations, which remain outstanding under their original terms. By the end of the quarter, its liabilities after accounting for cash and dollar-backed stablecoins totaled ¥122.4 billion, compared with ¥124.7 billion in proceeds from the Bitcoin sale.
The Bitcoin sale also offered Metaplanet a potential tax benefit. Since the company disposed of coins for less than their original purchase price, the transaction generated a capital loss under U.S. tax rules. Metaplanet estimates that the loss could translate into a deferred tax asset of roughly $97 million across subsidiaries of its U.S. holding company.
Asia’s Leading Bitcoin-Focused Financial Firm
With 44,000 BTC on its balance sheet, Metaplanet now ranks as the world’s second-largest publicly listed Bitcoin treasury company, behind Michael Saylor’s Strategy.
However, CEO Simon Gerovich emphasized that the company’s strategy extends well beyond simply amassing Bitcoin. He said Metaplanet is ultimately aiming to establish itself as “the leading Bitcoin financial company in Asia.”
Metaplanet has also rolled out a Net Interest Income Strategy focused primarily on preferred securities issued by other Bitcoin treasury companies. The firm plans to dedicate roughly 10% to 15% of its total assets to the strategy, aiming to generate returns that exceed its financing costs. The additional income is expected to help cover debt obligations while also providing capital for future Bitcoin acquisitions.
Be the first to comment