TheBlock
Metaplanet sold 10,000 BTC for ¥124.7 billion ($790 million) in Q3, then bought back 11,000 BTC for ¥149.9 billion ($950 million). The Japanese Bitcoin treasury firm said the sale was designed to demonstrate it could raise cash by selling Bitcoin. Its holdings rose by a net 1,000 BTC to 44,000 BTC.
Why it matters
The sale proceeds exceeded Metaplanet’s outstanding bond principal, borrowings and other interest-bearing liabilities, but the company kept those obligations outstanding before repurchasing Bitcoin. The demonstration comes as Metaplanet pursues a credit rating and seeks to expand its financing options to include bonds and preferred shares.
The sale was below the firm’s acquisition cost, creating a capital loss for U.S. tax purposes. Metaplanet preliminarily estimated a potential deferred tax asset of about $97 million, subject to auditor confirmation. The loss could be applied against future U.S. capital gains.
Market impact
Metaplanet also introduced a net interest income strategy, using capital from perpetual preferred stock, corporate bonds known as BitBonds and a Bitcoin-collateralized credit facility to pursue assets with stable income. The firm aims to earn the spread between investment yields and funding costs, with preferred securities from Bitcoin treasury companies among its potential investments.
The revised policy keeps about 85% to 90% of assets in Bitcoin and allocates the remainder to strategic investments, including the income strategy, M&A and its asset management business. Metaplanet reported ¥848.4 million ($5.4 million) in Q3 revenue from its Bitcoin options income business, below the ¥1.75 billion ($11.1 million) recorded in Q2. Revenue for the first nine months of 2026 was ¥5.57 billion ($35.3 million); the company said progress had fallen short of initial expectations but left its full-year forecast unchanged.
Frequently asked questions
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Why did Metaplanet sell 10,000 BTC and later buy back more?
Metaplanet said the sale was intended to demonstrate its ability and willingness to raise cash by selling Bitcoin. It later repurchased 11,000 BTC, leaving holdings up by 1,000 BTC.
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How many BTC does Metaplanet hold after the Q3 transactions?
Metaplanet reported total holdings of 44,000 BTC after a net increase of 1,000 BTC.
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How does the sale relate to Metaplanet’s financing plans?
The sale proceeds exceeded its outstanding bond principal, borrowings and other interest-bearing liabilities. Metaplanet is pursuing a credit rating and wants to add bonds and preferred shares to its financing options.
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What is Metaplanet’s net interest income strategy?
The firm plans to invest capital raised through perpetual preferred stock, BitBonds and a Bitcoin-collateralized credit facility in assets expected to generate stable income, aiming to earn more than its funding costs.
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What did Metaplanet report about its Bitcoin options income business?
The business generated ¥848.4 million ($5.4 million) in Q3, compared with ¥1.75 billion ($11.1 million) in Q2. Metaplanet said progress had fallen short of expectations but kept its full-year forecast unchanged.
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