Metaplanet Sells 10,000 BTC, Buys Back 11,000 at a Loss

Metaplanet sold 10,000 BTC during the third quarter, then bought back 11,000 at a higher average price, ending Sept. 30 with 44,000 BTC. The Tokyo-listed company said the sale generated ¥124.7 billion at an average ¥12.47 million per coin; the repurchase cost ¥149.9 billion at ¥13.63 million per coin. The price gap implied an adverse differential of about ¥11.57 billion on the 10,000 BTC needed to replace its original holding.

Why it matters

The transactions were designed to show rating agencies and fixed-income investors that Metaplanet is willing and able to sell Bitcoin to meet obligations. The company said it converted enough BTC to cash to exceed the outstanding principal of its bonds, borrowings and other interest-bearing debt, then later rebuilt its position. That sequence is central to its bid for a credit rating and potentially cheaper financing.

Metaplanet also plans to use financing beyond Bitcoin purchases. Its Net Interest Income Strategy would raise capital through preferred stock, corporate bonds called BitBonds and Bitcoin-backed credit facilities, then invest in assets with yields above its funding costs. The company expects this strategic allocation to account for about 10% to 15% of total assets, with Bitcoin remaining about 85% to 90%.

Market impact

The strategy would make Metaplanet more than a Bitcoin accumulator: it aims to borrow, invest for yield and use the resulting income for debt service, dividends and further BTC purchases. But the company acknowledges that investments in other Bitcoin treasury firms may remain correlated with Bitcoin, limiting diversification. It also says a credit rating is not guaranteed, and that future bond or preferred-share issuance depends on the terms available.

Metaplanet estimates the sale may also create a deferred tax asset of about $97 million for US subsidiaries, subject to closing procedures and auditor review. The company expects its new income strategy to have an immaterial effect on 2026 consolidated results, leaving credit access and financing costs as nearer-term tests.