Metaplanet Sold 10,000 Bitcoin and Bought Back 11,000 to Prove a Point

Tokyo-listed Metaplanet disclosed it sold 10,000 BTC and repurchased 11,000 BTC during the third quarter, leaving it with a net gain of 1,000 BTC and total holdings of 44,000 BTC as of September 30. The round-trip transaction was executed to demonstrate to credit rating agencies that the company can and will convert Bitcoin to cash when required; Metaplanet held the sale proceeds in cash while leaving its debt balances outstanding.

By AI Newsroom· Reviewed by Pranav, Founder & Editor-in-ChiefPublished 1 minute agoUpdated 1 minute ago0 views

Metaplanet Sold 10,000 Bitcoin and Bought Back 11,000 to Prove a Point

Why It Matters

The move addresses a key concern from rating agencies and bond investors about whether Bitcoin treasury firms would actually liquidate holdings to meet obligations — an issue that has affected credit assessments for peer companies. Metaplanet's deliberate sale-and-buyback shows liquidity can be realized in practice and signals the company intends to pursue a formal credit rating.

Key Facts

BTC sold: 10,000 BTC
BTC repurchased: 11,000 BTC
Net BTC change in Q3: +1,000 BTC
Total holdings at Sept. 30: 44,000 BTC (per BitcoinTreasuries)
Sale proceeds held in cash: ¥124.7 billion

Metaplanet, a Tokyo-listed firm that manages a large Bitcoin treasury, revealed it sold 10,000 BTC and subsequently bought back 11,000 BTC during the third quarter. The company said the sequence was intended as a practical demonstration to credit rating agencies and bond investors that its Bitcoin can be converted into cash and that it would do so if needed. After the transactions, Metaplanet’s total Bitcoin holdings rose to 44,000 BTC as of September 30, according to BitcoinTreasuries.

In its filing, Metaplanet noted that rating agencies evaluate not just whether an asset is liquid in theory but whether an issuer will actually liquidate it when obligations come due. To answer that question, the company sold more Bitcoin than the full principal of its bonds, borrowings and other interest-bearing liabilities and kept the proceeds in cash while leaving the debts on their original terms. At quarter end, liabilities net of cash and dollar stablecoins were ¥122.4 billion versus sale proceeds of ¥124.7 billion.

The trades were costly on a per-BTC basis: Metaplanet sold at an average price of ¥12.47 million per BTC and repurchased at about ¥13.63 million, roughly a 9% difference. Because the coins sold had originally been purchased at higher prices than the sale price, the disposal generated a U.S. capital loss and Metaplanet estimates a preliminary, unaudited deferred tax asset of about $97 million at subsidiaries of its U.S. holding company; the company said the loss does not create a new accounting loss given that it carries Bitcoin at fair value.

Metaplanet’s CEO Simon Gerovich framed the move on social media as a direct answer to the question rating agencies ask: will the company sell Bitcoin to meet obligations? He also said the group aims to pursue a credit rating, pointed to eight consecutive quarters of revenue from its Bitcoin Income Generation business, and outlined plans including a Net Interest Income Strategy, a pending Superplanet transaction, and the build-out of Metaplanet Securities. The quarter represented a slowdown in accumulation compared with earlier periods: Metaplanet added 2,823 BTC in Q2 and a net 1,000 BTC in Q3.