Metaplanet sold 10,000 BTC and repurchased 11,000 BTC during the third quarter, a transaction the Tokyo-listed company says was designed specifically to prove its Bitcoin holdings can be converted into cash when creditors need repayment. The net result added 1,000 BTC to the company's balance sheet, bringing total holdings to 44,000 BTC as of September 30, which Metaplanet says makes it the second-largest listed Bitcoin treasury company in the world, according to BitcoinTreasuriesNet data.
CEO Simon Gerovich framed the move as a direct answer to a question credit markets keep asking.
"Rating agencies and credit investors ask one question of a Bitcoin company: can that Bitcoin be turned into cash to meet obligations, and will it be? We answered by doing it," Gerovich wrote on X. "We converted Bitcoin into cash, exceeding the total outstanding principal of our bonds, borrowings and other interest-bearing debt. We held that cash, then bought back more Bitcoin than we sold. Net, we added 1,000 BTC."
Why Metaplanet staged the sale as two separate transactions
The company's disclosure was explicit that the sale and repurchase were structured deliberately, not as a simultaneous swap.
"The sale and the subsequent reacquisition of bitcoin in the Transactions were planned and executed as separate transactions," the filing states. "Rather than an exchange in which the sale and reacquisition take place simultaneously, the Group first completed the sale of bitcoin and held the sale proceeds in cash, and then separately reacquired bitcoin."
The sold amount specifically exceeded the company's total outstanding bonds, borrowings, and other interest-bearing liabilities, net of cash and dollar-denominated stablecoins, which stood at ¥122,374 million as of September 30. Metaplanet sold 10,000 BTC for aggregate proceeds of ¥124,700 million, confirming the proceeds cleared that liability threshold.
The specific precedent that shaped this decision
Metaplanet's disclosure cited a direct reason for choosing this approach: "the Company also took into account a previously published issuer credit rating of an overseas peer company. That precedent indicates that, even where the bitcoin held is itself liquid, if the issuer has a policy of not selling bitcoin or has shown reluctance to sell it, that bitcoin may not be treated as a sufficiently liquid asset for credit assessment purposes."
The US tax consequence and what remains unconfirmed
Because the repurchased Bitcoin cost more on average than the sold Bitcoin, Metaplanet realized a capital loss for US tax purposes at its Metaplanet Holdings Inc. subsidiary. The company estimates this could generate a deferred tax asset of approximately $97 million, though it stressed this figure "has not been confirmed by the Company's auditor" and remains subject to completion of third-quarter financial closing procedures.
The average sale price was ¥12,470,098 per BTC, while the average repurchase price was ¥13,626,928 per BTC, a gap reflecting Bitcoin's price appreciation between the two transactions. Metaplanet said it expects to offset the resulting capital loss carryforward against future capital gains, including those that may arise from investments in preferred securities or future Bitcoin monetization tied to debt obligations.
What the BTC Yield metrics show about share dilution
Metaplanet's BTC Yield, a metric tracking Bitcoin held per fully diluted share, reached 11.3% for the quarter, up from 6.6% in Q2 but down sharply from 33.0% a year earlier in Q3 2025. Fully diluted shares outstanding actually declined quarter-over-quarter, from 1,631,543,380 to 1,500,108,824, even as common shares outstanding rose from 1,281,283,624 to 1,364,282,624.
That decline in fully diluted share count despite rising common shares reflects how Metaplanet calculates the metric: convertible securities are only counted once payment has been received by the company, and certain stock acquisition rights are excluded entirely until exercised and paid for. A falling fully diluted count alongside rising BTC holdings mechanically pushes BTC Yield higher, which is part of why the 11.3% figure for Q3 outpaced the prior quarter even though the net 1,000 BTC addition was smaller in absolute terms than some earlier quarters' purchases.
The broader platform Metaplanet says it's building
Gerovich tied the transaction to a wider strategic arc beyond this single quarter.
"The pending Superplanet transaction, the development of Metaplanet Securities, the expansion of our distribution capabilities, and the continued growth of our Bitcoin holdings are all components of a unified long-term strategy," he wrote, adding that the company is also "launching a Net Interest Income Strategy designed to create recurring income streams and lower our effective cost of capital."
Metaplanet's Bitcoin Income Generation business has recorded revenue for eight consecutive quarters, generating approximately ¥848 million in the third quarter alone. The company's total cost basis across its full 44,000 BTC position stands at ¥684,452 million, with an average purchase price of ¥15,555,717 per coin across the entire holding period dating back to its first Bitcoin purchase in April 2024.
Tanya Petrusenko
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