TL;DR
- Metaplanet sold 10,000 BTC for ¥124.7 billion (~$790 million) in Q3, only to buy back 11,000 BTC shortly after.
- The operation aimed to demonstrate to rating agencies and investors that its bitcoin treasury can be converted into cash when needed.
- The company closed September with 44,000 BTC in reserves and a U.S. tax loss with a potential deferred tax asset of ~$97 million.
Metaplanet executed one of the most unusual operations on record among major corporate bitcoin holders in Q3 2026: it sold 10,000 BTC and, weeks later, bought back an even larger amount.
According to the Japanese company’s most recent filing, the sale was carried out for ¥124.7 billion, equivalent to approximately $790 million, while the buyback of 11,000 BTC involved an outlay of close to ¥150 billion. The net result was an increase of 1,000 units in its reserves.
The strategy did not respond to a liquidity need or a bearish bet on the price of BTC. The firm explained that the objective was to demonstrate, to credit rating agencies and fixed-income investors, that its bitcoin treasury constitutes a genuinely liquid asset.
Metaplanet Proves its Liquidity to the Market
The cash obtained from the sale exceeded ¥122.4 billion in net bonds, loans and other liabilities of the company. However, those debts were not cancelled. The firm did not seek to reduce its leverage, but rather to demonstrate its capacity to monetize enough BTC and cover its financial obligations should circumstances require it. The maneuver forms part of a plan to obtain a formal credit rating and expand its financing options through bonds and preferred shares.
Metaplanet sold at slightly lower prices than those it paid in the buyback, which generated a capital tax loss in the United States. That loss could result in a deferred tax asset of approximately $97 million, although the company clarified that the figure is preliminary and has not been audited.
Separate from this operation, Metaplanet recently completed another bitcoin transaction: it invested 2,100 BTC and $2,500,000 to transfer assets from Super League Enterprise to Superplanet, a bitcoin treasury platform based in the United States.
With 44,000 BTC in reserves at the close of Q3, the firm establishes itself as one of the largest corporate bitcoin holdings globally.
