Metaplanet sold 10,000 bitcoins and bought back 11,000 to prove its point

Metaplanet's third-quarter transaction disclosure: Practical evidence of Bitcoin liquidity

Tokyo-based asset management company Metaplanet recently disclosed that during the third quarter, it sold 10,000 bitcoins (BTC) and bought back 11,000. This "sell first and buy" operation is designed to prove to credit rating agencies that companies not only have the ability to convert bitcoin into cash, but also have the willingness to do so when needed.

According to BitcoinTresauries, as of September 30, the net effect of this operation increased Metaplanet's Bitcoin holdings by 1,000, bringing the total holdings to 44,000.

Responding to rating agencies 'concerns: From "claims" to "evidence"

CEO Simon Gerovich said on social media: "Rating agencies and credit investors have only one core question for Bitcoin companies: Can these bitcoins be converted into cash to meet obligations? Is the company willing to do this? We have given the answer through practical actions."

filings points out that although Bitcoin is liquid, for rating agencies and bond investors, the key is not only whether the asset can be sold, but also whether the issuer will actually sell the asset when the debt matures. So Metaplanet decided to demonstrate this with a real deal rather than just a verbal statement.

In specific operations, Metaplanet sold more bitcoins than the total principal amount of its outstanding bonds, loans and other interest-bearing liabilities, and held the proceeds in cash. It is worth noting that the relevant debt has not been repaid and remains outstanding in accordance with the original terms. At the end of the quarter, net debt after deducting cash and U.S. dollar stablecoins was 122.4 billion yen, while sales proceeds were 124.7 billion yen.

Industry Background and Benchmarking Cases

Metaplanet cited the issuer's credit rating previously issued by an overseas peer company as a precedent in the document, pointing out that issuers who refused or were unwilling to sell Bitcoin may find the asset to be underweight in credit evaluations, but did not specify the specific company name.

Standard & Poor's (S&P) gave Strategy a B-issuer credit rating in October 2025, the first such rating awarded to Bitcoin Reserve Company. S&P warned of concerns about its low liquidity in the U.S. dollar and noted that a downturn in the market could force companies to sell assets at discounted prices.

Since then, Strategy has taken further actions. In June, the company approved a digital credit capital framework that would allow the sale of up to $1.25 billion in assets to replenish cash reserves, pay dividends and conduct buybacks. As of August, the company had sold 6,948 bitcoins, worth approximately US$432.5 million. Chairman Michael Saylor adjusted his stance from "never selling" to "not a net seller." Currently, the company has resumed buying bitcoin and surpassed its previous record of record for a record high position late last month.

Strategic Differences and Financial Impact

Although both companies are involved in the sale of Bitcoin, their intentions are very different: Strategy sold Bitcoin to fulfill its obligations, while Metaplanet did so to prove its ability, then held cash and bought back more Bitcoin than it sold. This operation incurred significant costs: Metaplanet was sold at an average price of 12.47 million yen per unit and repurchased at an average price of 13.63 million yen per unit, with a spread of approximately 9%. As a result, the net increase of 1,000 bitcoins costs approximately 25.2 billion yen (based on approximately 13.6 million yen per bitcoin).

Since the buying price of the bitcoins sold was higher than the selling price, from a U.S. tax perspective, this disposal resulted in a capital loss. The company estimates that its U.S. holding company subsidiaries have approximately $97 million in deferred tax assets. This data has not been audited and is a preliminary estimate and may ultimately not be confirmed. Since Metaplanet measures Bitcoin at fair value, this loss did not generate new accounting losses.

Future Strategic Outlook

The company said it currently plans to apply for a credit rating and pointed out that its "Bitcoin revenue-generating business" has achieved revenue for eight consecutive quarters. Gerovich said current positions make Metaplanet the world's second-largest publicly traded Bitcoin reserve company, emphasizing that the strategy "has never been just about accumulating Bitcoin."

In addition, he announced a "net interest income strategy" that he said aims to "create a recurring income stream and reduce our effective cost of capital." The move goes in parallel with pending Superplanet trading and the construction of Metaplanet Securities, which Gerovich described as a unified move towards a bitcoin-based financial institution.

Another feature of the quarter was a further slowdown in the accumulation rate. In the second quarter, Metaplanet increased its holdings of 2,823 bitcoins, which in itself is a cooling off of growth since the beginning of the year; while the net increase in holdings in the third quarter was only about one-third of that in the second quarter.