Metaplanet sold 10,000 BTC during the third quarter of 2026 and later bought 11,000 BTC back, ending September with 44,000 BTC. The Tokyo-listed company says the round trip was designed to prove to credit-rating agencies and lenders that its Bitcoin treasury can be converted into cash when needed.
The company disclosed the transaction on October 5 in its regulatory filings. Metaplanet sold 10,000 BTC for roughly ¥124.7 billion and later repurchased 11,000 BTC for about ¥149.9 billion, leaving the company with a net increase of 1,000 BTC.
The Sale Covered More Than Its Net Interest-Bearing Debt
Metaplanet said the cash raised from selling 10,000 BTC exceeded the company’s disclosed net bonds, borrowings and other interest-bearing liabilities. Secondary reporting put that debt figure near ¥122.4 billion, meaning the roughly ¥124.7 billion sale proceeds were about ¥2.3 billion higher.
That is only about a 1.9% cushion, but it matters because the exercise was about demonstrating liquidity rather than paying the debt off. The company kept the liabilities outstanding under their existing terms and later rebuilt the Bitcoin position.
The test therefore answered a specific credit question: could a Bitcoin-heavy treasury actually convert enough BTC into cash to cover its obligations if necessary? Metaplanet’s answer was yes—and it demonstrated that ability with a transaction large enough to cover the disclosed debt balance.
Metaplanet Sold About 23% of Its Starting Bitcoin
Because Metaplanet ended the quarter with 44,000 BTC after a net increase of 1,000 BTC, its starting balance was approximately 43,000 BTC. Selling 10,000 BTC therefore temporarily moved about 23.3% of the starting treasury into cash.
That is a meaningful stress test. The transaction was not a small token sale designed only to prove an accounting point. Nearly one-quarter of the opening Bitcoin position was converted into yen before the treasury was rebuilt.
BitcoinVersus has tracked Metaplanet’s treasury growth for years, including when the company reached 398 BTC in late 2024 and when it added another 696 BTC in 2025. The scale of the new transaction shows how far the treasury strategy has expanded.
The Buyback Price Was About 9% Higher
Metaplanet sold the 10,000 BTC at an average price of about ¥12.47 million per BTC. It repurchased 11,000 BTC at an average of roughly ¥13.63 million per BTC.
That means the disclosed average repurchase price was about ¥1.16 million per BTC higher, or roughly 9.3% above the average sale price. The difference reflects Bitcoin’s price movement between the two transaction legs.
Across the two disclosed legs, the sale generated roughly ¥124.7 billion while the repurchase cost roughly ¥149.9 billion, a net cash outflow of about ¥25.2 billion. The company nevertheless ended with 1,000 more BTC than it started with.
The Company Wants a Credit Rating
The liquidity test fits Metaplanet’s broader financing strategy. The company says it plans to pursue a credit rating and wants access to a wider mix of capital, including corporate bonds, preferred shares and other Bitcoin-linked financing structures.
A Bitcoin treasury company can look asset-rich while still raising questions from traditional credit investors. Bitcoin is highly liquid as a market asset, but lenders also care about whether management is actually willing to sell it when obligations come due. Metaplanet’s exercise was designed to remove some of that uncertainty.
Bitcoin Still Makes Up Most of the Strategy
Metaplanet also revised its capital-allocation policy around the same time. The company still expects roughly 85% to 90% of assets to remain centered on Bitcoin, while the remaining 10% to 15% can support strategic investments, income-generating securities, acquisitions and related businesses.
The company has also been building a Bitcoin income-generation business using options and other financial strategies. That pushes the model beyond simply buying BTC and waiting for appreciation. Metaplanet is increasingly trying to use its treasury as the foundation for a broader financial platform.
That direction echoes the broader corporate-Bitcoin model BitcoinVersus explored when Strategy described ambitions to become a Bitcoin-focused financial institution.
Watch Metaplanet Explain Its Bitcoin Strategy
Metaplanet CEO Simon Gerovich explains the company’s Bitcoin-per-share model, treasury strategy and use of capital markets in the Bitcoin Magazine interview below.
What the Transaction Shows
- Metaplanet sold 10,000 BTC and later bought back 11,000 BTC.
- The company ended Q3 with 44,000 BTC, a net increase of 1,000 BTC.
- The sale temporarily converted about 23% of the starting treasury into cash.
- Sale proceeds slightly exceeded disclosed net interest-bearing liabilities.
- The average repurchase price was about 9.3% above the average sale price.
- The stated purpose was to demonstrate treasury liquidity and strengthen Metaplanet’s credit profile.
The unusual part of the story is not simply that Metaplanet sold Bitcoin. It is that a company built around accumulating Bitcoin deliberately liquidated a large block of its treasury to prove it was willing to sell—and then rebuilt the position at a higher price. The move turns treasury liquidity from a theoretical claim into something credit investors can measure.
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