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BTC Metaplanet completes the most eye-catching Bitcoin inventory operation of the year
Japanese-listed company Metaplanet has just completed one of the most eye-catching Bitcoin inventory strategies of the year. The company sold a staggering 10,000 bitcoins in the third quarter and subsequently purchased 11,000 more, turning what seemed to be a massive sell-off into a strategic liquidity test. But it was more than just a bet on price-it was a carefully calculated move designed to prove that the Tokyo-listed treasury company could convert its huge Bitcoin holdings into cash at a critical moment.
According to BitcoinTreasuries data, this transaction ultimately resulted in a net increase of 1,000 bitcoins for Metaplanet, and as of September 30, its total position reached 44,000.
After third-quarter liquidity operations, Metaplanet held 44,000 bitcoins
As part of its "demonstrate liquidity" strategy, Metaplanet sold 10,000 bitcoins first in the third quarter and then bought 11,000 more bitcoins.
CEO Simon Gerovich said in an X (formerly Twitter) post: "Rating agencies and credit investors have only one question for Bitcoin companies: Can those bitcoins be converted into cash to meet obligations? And will you do so?" He added: "We answered that question through practical actions."
The document explains that Bitcoin's own liquidity alone is not enough to satisfy rating agencies and bond investors. What really matters is whether Metaplanet is able and willing to sell its positions when financial obligations expire. The company did not prove this through mere oral statements, but chose to verify it through actual transactions.
Metaplanet sold enough bitcoins to cover the entire principal value of its outstanding bonds, loans and other interest-bearing debts, while retaining the cash from the sale. The company did not use these funds to repay the above obligations, and these obligations remain outstanding under original terms. At the end of the quarter, total liabilities after deducting cash and U.S. dollar stablecoins were 122.4 billion yen, compared with 124.7 billion yen from previous Bitcoin sales.
This Bitcoin sale also brings potential tax benefits to Metaplanet. Because the company disposed of Bitcoin at a price lower than the original purchase price, the transaction incurred a capital loss under U.S. tax law. Metaplanet estimates that the loss could translate into approximately $97 million in deferred tax assets in subsidiaries of its U.S. holding company.
Asia's leading bitcoin-focused financial institution
With a position of 44,000 bitcoins on its balance sheet, Metaplanet has now become the world's second-largest publicly traded bitcoin treasury company, behind Michael Saylor's Strategy.
However, CEO Simon Gerovich emphasized that the company's strategy goes far beyond simply accumulating Bitcoin. He said Metaplanet's ultimate goal is to establish its position as "Asia's leading Bitcoin financial company."
In addition, Metaplanet has launched a net interest income strategy that focuses primarily on other preferred securities issued by Bitcoin Treasury. The company plans to invest 10 to 15 percent of its total assets in the strategy, aiming to generate returns that exceed its financing costs. Additional revenue is expected to help cover debt obligations and provide capital for future Bitcoin acquisitions.
