Key facts
- Metaplanet sold 10,000 BTC for JPY 124.7 billion ($790 million) and bought 11,000 BTC for JPY 149.896 billion ($950 million) in Q3.
- The company's total Bitcoin holdings increased to 44,000 BTC, making it the second-largest corporate holder.
- Metaplanet's net liabilities were JPY 122.4 billion against sale proceeds of JPY 124.7 billion.
- The sale was the company's first Bitcoin sale and was intended to prove liquidity to rating agencies.
- Metaplanet estimates a $97 million deferred tax asset from the capital loss incurred.
Metaplanet, a Tokyo-listed company aiming to be a leading Bitcoin financial platform, has become the second-largest corporate Bitcoin holder after executing a sale and repurchase of the cryptocurrency in the third quarter. The company sold 10,000 BTC for JPY 124.7 billion ($790 million) and subsequently bought back 11,000 BTC for JPY 149.896 billion ($950 million), resulting in a net increase of 1,000 BTC and total holdings of 44,000 BTC as of September 30.
This strategic move, the company's first sale of Bitcoin, was designed to demonstrate its ability to convert its holdings into cash to meet financial obligations, thereby proving its liquidity to credit rating agencies and bond investors. Metaplanet sold an amount of Bitcoin exceeding its outstanding bonds, borrowings, and other interest-bearing debt, holding the proceeds in cash. At the quarter's end, its net liabilities stood at JPY 122.4 billion against sale proceeds of JPY 124.7 billion.
The company cited the precedent of an unnamed overseas peer that may have seen its Bitcoin assets undervalued by credit assessors due to a reluctance to sell. Metaplanet's transaction resulted in a capital loss for U.S. tax purposes, with an estimated deferred tax asset of $97 million. The company now intends to pursue a credit rating.
Metaplanet's Bitcoin Income Generation business recorded JPY 848.4 million in operating revenue in Q3 2026, with cumulative revenue for the first nine months reaching JPY 5.565 billion. The company also revised its allocation policy to maintain Bitcoin at roughly 85% to 90% of total assets, with 10% to 15% for strategic investments. CEO Simon Gerovich also introduced a Net Interest Income Strategy to create recurring income streams and lower the cost of capital.