Metaplanet Conducts Liquidity Test: Sale and Purchase of 10,000 BTC

Metaplanet sold 10,000 bitcoins in the third quarter and then acquired 11,000 BTC. This operation was aimed at demonstrating the ability to convert its bitcoin holdings into cash as needed. As of September 30, Metaplanet held 44,000 BTC after this transaction. The sale allowed the company to obtain ¥124.7 billion (approximately $793 million as of September 30), which more than covered the principal debt on all its obligations, including bonds and loans. The debt was not repaid, and Metaplanet retained the funds before making another purchase in a separate transaction.

Metaplanet pointed to the published credit rating of an unrecognized foreign partner, which it believes showed that if the issuer refuses to sell bitcoin, it could affect its recognition as a liquid asset for credit assessment purposes. In this regard, the company intends to obtain a credit rating for itself. The bitcoins were sold at an average price of ¥12,470,098 per coin, and the repurchase – at ¥13,626,928, which is 9% higher, due to the increase in bitcoin price between transactions. Metaplanet noted that the transaction data is preliminary and unaudited. The sale also resulted in tax losses in the US, and Metaplanet estimates it may have a deferred tax asset of about $97 million.

In a separate report, Metaplanet indicated that its income from the bitcoin options business in the third quarter amounted to ¥848 million, which is lower than ¥1.75 billion in the second quarter and the peak of ¥4.24 billion in the fourth quarter of 2025. The annual forecast initially anticipated growth in fundraising, increasing bitcoin holdings, and expanding the options business, but the actual progress did not meet the company's expectations, although the forecast remained unchanged. The company also revised its capital allocation policy to maintain bitcoin at about 85% to 90% of all assets, leaving 10% to 15% for acquisitions and income-generating investments. Under the new 'Net Interest Income Strategy,' Metaplanet plans to use funds from bonds, preferred shares, and bitcoin-backed loans to acquire income-generating assets, primarily preferred securities from other companies with bitcoin holdings.